Oregon Statutes 457.450 – Notice to tax assessor; provision for debt retirement; distribution of remaining tax increment funds
(1)(a) ORS § 457.440 shall first apply to the assessment roll next following the tax roll referred to in ORS § 457.430 if the assessor is provided notice of a plan adoption or amendment changing area boundaries by the agency prior to January 1 before the tax year to which the plan first applies.
Terms Used In Oregon Statutes 457.450
- agency: means an urban renewal agency created under ORS § 457. See Oregon Statutes 457.010
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Maximum indebtedness: means the amount of the principal of indebtedness included in a plan pursuant to ORS § 457. See Oregon Statutes 457.010
- plan: means a plan, as it exists or is changed or modified from time to time for one or more urban renewal areas, as provided in ORS § 457. See Oregon Statutes 457.010
- Taxing district: means the state, city, county or any other unit of government that has the power to levy a tax. See Oregon Statutes 457.010
(b) If the assessor is not provided notice of plan adoption or amendment changing area boundaries by the agency prior to January 1 before the tax year to which ORS § 457.440 would otherwise first apply, then ORS § 457.440 shall first apply to the assessment roll next following the assessment roll described in paragraph (a) of this subsection.
(2) When the principal and interest on the maximum indebtedness of an urban renewal plan to which the portion of taxes is irrevocably pledged for payment under ORS § 457.435 or 457.440 is fully paid, or it is found that deposits in the special fund are sufficient to fully pay principal and interest on the maximum indebtedness either through direct payment of the indebtedness or by payment of principal and interest on bonds or notes issued to finance the indebtedness, the agency shall notify the assessor of that fact.
(3) All moneys remaining unexpended from the special fund provided for in ORS § 457.435 or 457.440, after payment of all the principal and interest on indebtedness is provided for, shall be turned over to the county treasurer by the agency and prorated by the treasurer back to the taxing districts in which the area, or part thereof, is located, in proportion to the amount of money in the fund attributable to each taxing district for the last fiscal year in which tax levy moneys were paid into the special fund of the agency under ORS § 457.435 or 457.440. [1961 c.554 § 6; 1971 c.426 § 1; 1979 c.621 § 27; 1991 c.459 § 335b; 1997 c.541 § 450; 2009 c.700 § 5]