2019 Oregon Revised Statutes
Volume : 07 - Public Facilities and Finance
Chapter 284 - Organizations for Economic Development
Section 284.885 - Duties, functions and powers; rules; recommendations to Legislative Assembly; annual report.

(1) To maintain, invest and reinvest moneys in the Oregon Growth Fund established under ORS 284.890 consistent with the policies and procedures established by the board and the investment standard stated in ORS 293.726, including but not limited to the creation and maintenance of one or more investment funds within the Oregon Growth Fund. In exercising its authority under this subsection, the board may include economic factors, including but not limited to job retention and creation, as considerations in making investment decisions.

(2) To maintain, invest and reinvest moneys in the Oregon Growth Account established under ORS 348.702 consistent with the policies and procedures established by the board and the investment standard stated in ORS 293.726 and for the purpose of earning returns for the Education Stability Fund. Policies established by the board under this subsection shall include, but are not limited to, the determination of when and how earnings are calculated and declared available from the account for transfer as provided in ORS 348.696 (1).

(3) To make and enter into contracts, agreements or arrangements for the investment and management of moneys in the Oregon Growth Account and the Oregon Growth Fund as provided in ORS 284.887 and for other services the board deems reasonable and necessary to fulfill the duties of the board under this section.

(4)(a) With respect to the Oregon Growth Account, to make, purchase, guarantee or hold loans, including but not limited to participation interests in loans, made to or from the Oregon Growth Account for the purpose of earning returns for the Education Stability Fund.

(b) With respect to the Oregon Growth Fund, to make, purchase, guarantee or hold grants and loans, including but not limited to competitive grants and participation interests in loans, made to or from the Oregon Growth Fund for the benefit of qualified businesses for the purpose of furthering economic development.

(5) To qualify or certify businesses that invest in the Oregon Growth Account or the Oregon Growth Fund for any investment incentive approved by the board.

(6) To collaborate, cooperate and enter into agreements with local governments, state agencies, financial institutions and other entities as appropriate to:

(a) Provide financial services and support to businesses for the purpose of furthering economic development;

(b) Coordinate actions, responsibilities and resources that further economic development; and

(c) Delegate between the board and a local government or state agency any duties, functions or powers that the board, local government or state agency is authorized to perform if consistent with and necessary to the administration of ORS 284.881 to 284.890. Delegation of duties, functions or powers under this paragraph must be done pursuant to written agreement.

(7) To seek, solicit, obtain and accept local, state, federal and private resources and donations for deposit into the Oregon Growth Account and the Oregon Growth Fund to aid in the administration of ORS 284.881 to 284.890.

(8) To adopt rules that:

(a) Specify the board’s permissible investments and the activities and services that the board may provide or engage in;

(b) Create guidelines regarding the amount and type of leverage to maximize investments and any other resources available to, and subject to the authority of, the board;

(c) Provide a means to evaluate the performance of investments, including, but not limited to, the number of businesses assisted, the types and amount of resources leveraged and returns on investment, and to evaluate impact on jobs and wages in this state; and

(d) Establish other requirements that the board considers necessary for the exercise of the board’s duties, functions and powers under ORS 284.881 to 284.890.

(9) To make recommendations to the Legislative Assembly regarding:

(a) Appropriations of General Fund moneys to the Oregon Growth Fund;

(b) The terms of income and corporate excise tax subtractions or other tax expenditures, as defined in ORS 291.201, that will promote and create private investment in the Oregon Growth Fund;

(c) Incentives for private sector investment that further investment, capital availability, job creation and economic development;

(d) The use of moneys in the Oregon Growth Account to earn returns for the Education Stability Fund; and

(e) Legislation needed to further economic development.

(10) To report annually to standing and interim committees of the Legislative Assembly related to business and economic development regarding implementation and administration of the Oregon Growth Board and investments made by the board pursuant to this section. [2012 c.90 §5; 2013 c.732 §3; 2016 c.118 §19]