Oregon Statutes 270.150 – Proceeds of sale of real property
(1) The proceeds, less costs, of any real property sold by the Oregon Department of Administrative Services under ORS § 270.100, 270.110 and 270.130 may be credited to and deposited in the Capital Projects Fund established by ORS § 276.005 or the Trust for Cultural Development Account established in ORS § 359.405.
Terms Used In Oregon Statutes 270.150
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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
(2) The proceeds of any real property sold by a state agency under ORS § 270.100 and 270.110 may be credited to and deposited in the Trust for Cultural Development Account. If the proceeds are credited to and deposited in the account, a state agency may retain from the proceeds the costs of selling the real property and the amount originally paid by the state agency when the state agency acquired the real property.
(3) The revenue from the rental or lease of surplus real property managed by the department shall be deposited in the State Treasury to the credit of the operating fund established by ORS § 283.076.
(4) Notwithstanding the provisions of subsection (1) or (2) of this section, an agency may negotiate with the department to apply the proceeds of a sale, transfer or lease of such surplus real property to another capital acquisition of that agency. [1991 c.816 § 10; 2001 c.954 § 29]