Chapter 54 Oregon Laws 1999

Session Law

AN ACT

SB 189

Relating to investment of state funds; amending ORS 348.701; and repealing ORS 293.802.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 348.701 is amended to read:

348.701. As used in ORS [293.802 and 348.702 (2) and this section] 348.701 to 348.707:

[(1) "Management company" includes a person, limited partnership, partnership, corporation or other investment company existing or established to make investments primarily in Oregon.]

[(2) "Emerging growth business" means a new or small company that has the capacity, upon obtaining appropriate capital, to generate significant high skill, high wage employment within one or more of the key industries, including those described in ORS 285B.280 and affordable housing.]

[(3)] (1) "Affordable housing" means housing for Oregonians that is priced at or below 80 percent of the median gross household income level statewide and where the cost of that housing comprises not more than 30 percent of the gross income of a household.

(2) "Board" means the Oregon Growth Account Board established in ORS 348.707.

(3) "Emerging growth business" means a new or small company that has the capacity, upon obtaining appropriate capital, to generate significant high skill, high wage employment within one or more of the key industries, including those described in ORS 285B.280, and affordable housing.

(4) "Management company" includes a person, limited partnership, partnership, corporation or other investment company existing or established to make investments primarily in Oregon.

SECTION 2. ORS 293.802 is repealed.

Approved by the Governor April 19, 1999

Filed in the office of Secretary of State April 19, 1999

Effective date October 23, 1999

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