Oregon Statutes 271.520 – Declaration of legislative purpose
It is hereby declared that there is a need for the continued development of industrial, commercial, manufacturing, research and development and warehouse facilities to insure the growth and prosperity of the state, and of the counties and cities within the state. It is the purpose of ORS § 271.510 to 271.540 to provide the counties and cities within the state with the power to acquire title by gift, grant or donation to one or more industrial facilities and to lease, sell and convey such facilities to any person, firm, partnership or corporation, either public or private. It is further declared that the acquisition of title to such facilities and the lease, sale and conveyance of such facilities as provided by ORS § 271.510 to 271.540 is a public purpose and shall be regarded as performing an essential governmental function in carrying out the provisions of ORS § 271.510 to 271.540. [1965 c.553 § 1; 1983 c.459 § 14]
Terms Used In Oregon Statutes 271.520
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100