(1) There is established in the State Treasury the Senior Property Tax Deferral Revolving Account to be used by the Department of Revenue for the purpose of making the payments to:

Terms Used In Oregon Statutes 311.701

  • State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100

(a) County tax collectors of property taxes deferred for tax years beginning on or after January 1, 1983, as required by ORS § 311.676.

(b) The appropriate local officer of special assessment improvement amounts deferred on or after October 15, 1983, as required by ORS § 311.730.

(c) The department for its expenses in administering the property tax and special assessment senior deferral programs.

(2) The Senior Property Tax Deferral Revolving Account may include a reserve for payment of department administrative expenses.

(3) All sums of money received by the Department of Revenue under ORS § 311.666 to 311.701 as repayments of deferred property taxes or under ORS § 311.702 to 311.735 as repayments of deferred special assessment improvement amounts, including the interest accrued under ORS § 311.674 (3) or 311.711 (3) shall, upon receipt, be credited to the revolving account and are continuously appropriated to the department for the purposes of subsection (1) of this section.

(4)(a) If there are not sufficient moneys in the revolving account to make the payments required by subsection (1) of this section, and the amount appropriated from the General Fund is not sufficient when added together with the moneys in the revolving account to provide an amount sufficient to make the required payments, the State Treasurer, in the capacity of investment officer for the Oregon Investment Council, may lend to the Department of Revenue such amounts as may be necessary to make the payments.

(b) The State Treasurer may lend moneys that may be invested as provided in ORS § 293.701 to 293.857.

(c) Any moneys lent under this subsection shall be repaid within five years together with interest at a rate determined by the State Treasurer and consistent with the investment standards of ORS § 293.721 and 293.726. [1983 c.550 § 12; 1985 c.167 § 1; 1995 c.257 § 1; 2001 c.716 § 27; 2005 c.749 § 4; 2009 c.885 § 10; 2011 c.723 § 17]

 

DEFERRAL OF SPECIAL ASSESSMENTS FOR LOCAL IMPROVEMENT

 

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