(1) As used in ORS § 285B.320 to 285B.371, unless the context requires otherwise:

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(a) ‘Bond’ or ‘revenue bond’ means a revenue bond, as defined in ORS § 286A.001.

(b) ‘Capital asset’ means real or personal property that the Oregon Business Development Commission expects to be:

(A) Used in connection with a revenue-producing enterprise, an exempt facility or a nonprofit entity; and

(B) Located in Oregon.

(c) ‘Economic development project’ means:

(A) A capital asset.

(B) Research and development conducted in Oregon.

(C) Estimated operating expenses associated with a capital asset.

(d) ‘Eligible project’ means the portion of an economic development project that the commission:

(A) Has found is in compliance with applicable standards of the commission;

(B) Has found will produce substantial benefits in Oregon; and

(C) Has approved for financing with proceeds of bonds authorized under ORS § 285B.320 to 285B.371.

(e) ‘Exempt facility’ means any facility described in section 142(a) of the Internal Revenue Code of 1986, as amended and in effect as of July 1, 2011.

(f) ‘Nonprofit entity’ means an institution, organization or other entity exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986, as amended and in effect as of July 1, 2011.

(2) Notwithstanding the definition of ‘exempt facility’ in subsection (1) of this section, if section 142(a) of the Internal Revenue Code of 1986 is amended or altered on or after July 1, 2011, the Oregon Business Development Department may adopt by rule a definition of ‘exempt facility’ that is consistent with section 142(a) of the Internal Revenue Code of 1986 as amended or altered.

(3) Notwithstanding the definition of ‘nonprofit entity’ in subsection (1) of this section, if section 501(c)(3) of the Internal Revenue Code of 1986 is amended or altered on or after July 1, 2011, the department may adopt a definition of ‘nonprofit entity’ that is consistent with section 501(c)(3) of the Internal Revenue Code of 1986 as amended or altered. [Formerly 285.315; 1999 c.509 § 30; 2001 c.680 § 3; 2007 c.804 73,90; 2009 c.830 § 84; 2011 c.27 § 1; 2012 c.59 § 1]