OAR 123-011-0025: Definitions

For the purposes of these rules, the following terms shall have the following meaning, unless the context clearly indicates otherwise: (1) "Applicant" means any person, firm or public or private corporation or federal or state governmental subdivision or agency which submits an application for Oregon Economic Development Revenue Bonds. (2) "Bonds" means Oregon Economic Development Revenue Bonds issued by the State of Oregon under ORS 285B.320 to 285B.371. (3) “Capital Asset” means real or personal property that the Commission expects to be: (a) Used in connection with a revenue-producing enterprise, an exempt, or a non-profit entity; and (b) Located in Oregon. (4) “Economic Development Project” means a Capital Asset and may also include one or more the following: (a) Research and development conducted in Oregon; or (b) Estimated operating expenses associated with a Capital Asset. (5) “Eligible Project” means the portion of an Economic Development Project that the Commission: (a) Has found in compliance with applicable standards of the Commission; (b) Has found will produce benefits substantially in Oregon; and (c) Has approved for financing with proceeds of Bonds authorized under ORS 285B.320 to 285B.371. (6) “Exempt Facility” means any facility described in section 142(a) of the Internal Revenue Code of 1986, as amended and in effect as of July 1, 2011. (7) "Finance Committee" means the Finance Committee for the Business Development Commission as allowed in ORS 285A.060. (8) "Financial Institution" means any commercial bank, mutual savings bank, savings and loan association, insurance company, investment bank or NASD securities underwriter licensed or authorized to do business in the State of Oregon. (9) "In-state Plant Relocation" means the relocation of an Applicant's plant from one labor market area, as defined by the Oregon Employment Department, in Oregon to a different labor market area in Oregon. (10) “Nonprofit Entity” means and institution, organization, or other entity exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986, as amended and in effect as of July 1, 2011. (11) "Oregon Express Bond Program" means a department program that involves a method of sale for a single client purchase that includes, but is not limited to, direct placement of bonds with a bank. Such a purchase does not require the use of placement agents, underwriters, marketing agents or letters of credit. To utilize this program, use of a standardized departmental bond process is required. (12) "Treasurer" means the Treasurer of the State of Oregon or the Treasurer's designee.