(1) The Private Activity Bond Committee is established. It shall consist of the State Treasurer or the designee of the State Treasurer, one representative from the Oregon Department of Administrative Services and one public representative appointed to serve at the pleasure of the Governor.

(2) The State Treasurer, or the State Treasurer’s designee, shall serve as chair of the committee.

(3) The purpose of private activity bonding in this state is to maximize the economic benefits of private activity bonding to the citizens of this state. The committee shall adopt by rule standards for amounts allocated to the committee for further allocation for economic development, housing, education, redevelopment, public works, energy, waste management, waste and recycling collection, transportation and other activities that the committee determines will benefit the citizens of this state. In developing standards, the committee shall:

(a) Survey the expected need for private activity bond allocations at least once each year;

(b) Develop strategies for reserving and allocating the limit that are designed to maximize the availability of tax exempt financing among competing sectors of the Oregon economy; and

(c) Ensure that the standards include but are not limited to standards that:

(A) Support projects that increase the number of family wage jobs in this state.

(B) Promote economic recovery in small cities heavily dependent on a single industry.

(C) Emphasize development in underdeveloped rural areas of this state.

(D) Utilize educational resources available at public universities listed in ORS § 352.002.

(E) Support development of the state’s small businesses, especially minority-owned businesses, woman-owned businesses, veteran-owned businesses and emerging small businesses, as those terms are defined in ORS § 200.005.

(F) Encourage use of Oregon’s human and natural resources in endeavors that harness Oregon’s economic comparative advantages.

(4) The state private activity bond volume cap allocated to the Private Activity Bond Committee as provided in ORS § 286A.620 shall be allocated and reallocated among issuers by the Private Activity Bond Committee as follows:

(a) Any amounts not reserved to an issuer or a class of issuers under the authorization adopted by the Legislative Assembly under ORS § 286A.035 shall be allocated or reallocated by the committee under rules adopted under subsection (3) of this section.

(b) Any amounts provided for in the authorization adopted by the Legislative Assembly under ORS § 286A.035 that are unused shall be carried forward for use as provided by rules adopted under subsection (3) of this section.

(c) The rules adopted by the committee shall limit the period of time for which an allocation of private activity bonding authority is effective. The rules shall ensure that allocations made during a calendar year are used during that calendar year or that the unused amount of the allocation is reallocated or carried forward.

(5) Amounts allocated to a state agency on behalf of which the State Treasurer may issue bonds may be suballocated by the state agency, at the state agency’s discretion, through an assignment of the allocation to another issuer, provided that the issuer receiving the assignment shall:

(a) Use the allocation for the same category of private activity bond projects for which the allocation was made;

(b) Use the allocation during the calendar year for which the allocation was made; and

(c) Otherwise comply with any terms and conditions imposed in connection with the allocation by the committee or the Legislative Assembly or by rule of the state agency making the assignment. [Formerly 286.615; 2011 c.637 § 95; 2015 c.565 § 18; 2023 c.174 § 2; 2023 c.497 § 19]