Oregon Statutes 565.545 – Profit and loss reports; triggering of appraisal
(1) If the conducting of the Oregon State Fair, the carrying out of fairground business operations and the operation, maintenance or repair of fairground properties and facilities by the State Fair Council results in a net profit for the fiscal year, the council shall use any moneys in excess of scheduled expenditures and reasonable reserves only for deposit into depository or investment accounts designated for fairground business operations or for other purposes authorized under ORS § 565.451 to 565.575.
Terms Used In Oregon Statutes 565.545
- Appraisal: A determination of property value.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(2) The council shall include information regarding the fiscal year net profit or loss from the conducting of the Oregon State Fair, the carrying out of fairground business operations and the operation of fairground properties and facilities in the annual report made under ORS § 565.555. The report shall include the amounts for each use made of any net profit moneys.
(3) If the total balance of depository or investment accounts described in subsection (1) of this section exceeds $50 million, the council shall notify the Oregon Department of Administrative Services. Upon receiving notice from the council under this subsection, the department shall cause an appraisal to be made of the sale and long-term lease values of fairground properties and facilities owned by the department. The department shall also determine the payment schedule and outstanding amount of any obligations that have been incurred by state agencies for the purpose of paying for the construction, repair or remodeling of fairground properties and facilities owned by the department, including but not limited to any amounts owing in payment of revenue bonds or lottery bonds issued for the construction, repair or remodeling of the properties and facilities. The department shall provide the appraisal and obligation information to the council. The council shall include information regarding the balance of the depository and investment accounts described in subsection (1) of this section and the properties and facilities appraisal obligation information provided by the department in the annual report submitted by the council under ORS § 565.555. [2013 c.492 § 10; 2016 c.118 § 7; 2017 c.485 § 3]
[Amended by 1953 c.675 § 12; repealed by 1969 c.239 § 9]