(1) Infrastructure lottery bonds shall be issued under ORS § 286A.560 to 286A.585 only at the request of the Director of the Oregon Business Development Department. Infrastructure lottery bonds may be issued in an amount sufficient to provide no more than $6 million of net proceeds to pay costs of infrastructure projects, plus the amounts required to pay bond-related costs.

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(2) The net proceeds from the sale of the infrastructure lottery bonds shall be allocated to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority for the State of Oregon’s match of federal moneys under the Safe Drinking Water Act.

(3) The net proceeds from the sale of the infrastructure lottery bonds that are available to pay costs of infrastructure projects shall be credited to the Water Fund created by ORS § 285B.563. All such net proceeds are appropriated continuously to the Oregon Business Development Department for the authority only for payment of costs of infrastructure projects described in subsection (2) of this section and for payment of bond-related costs that are allocable to infrastructure lottery bonds.

(4) The authority and any municipality receiving proceeds of infrastructure lottery bonds shall, if so directed by the Oregon Department of Administrative Services, take any action specified by the Oregon Department of Administrative Services that is necessary to maintain the excludability of lottery bond interest from gross income under the United States Internal Revenue Code. [1997 c.800 § 17; 1999 c.44 § 25; 2007 c.783 § 105a; 2009 c.830 § 114]

See note under 285B.530.

[1997 c.800 § 18; repealed by 1999 c.44 § 29]

[1997 c.800 § 19; repealed by 1999 c.44 § 29]

[1997 c.800 § 20; repealed by 1999 c.44 § 29]

[1997 c.800 § 21; repealed by 1999 c.44 § 29]