Oregon Statutes 701.088 – Contractor rehabilitating illegal drug manufacturing site; substitution for bond; fee; rules
(1) As used in this section:
Terms Used In Oregon Statutes 701.088
- Board: means the Construction Contractors Board. See Oregon Statutes 701.005
- Contractor: means any of the following:
(a) A person that, for compensation or with the intent to sell, arranges or undertakes or offers to undertake or submits a bid to construct, alter, repair, add to, subtract from, improve, inspect, move, wreck or demolish, for another, a building, highway, road, railroad, excavation or other structure, project, development or improvement attached to real estate, or to do any part thereof. See Oregon Statutes 701.005
- Specialty contractor: includes a person who performs work regulated under ORS § 446. See Oregon Statutes 701.005
(a) ‘Illegal drug manufacturing site’ has the meaning given that term in ORS § 453.858.
(b) ‘Nonprofit organization’ means an organization or group of organizations described in section 501(c)(3) of the Internal Revenue Code that is exempt from income tax under section 501(a) of the Internal Revenue Code.
(2) The Construction Contractors Board shall adopt rules prescribing terms and conditions under which a general or specialty contractor that is a nonprofit organization engaged in rehabilitating an illegal drug manufacturing site may substitute a letter of credit from a bank authorized to do business in this state, or substitute a cash deposit, for a bond required under ORS § 701.068. A letter of credit or cash deposit described in this section substitutes for a bond only for purposes of work the contractor performs on an illegal drug manufacturing site. The letter of credit or cash deposit must be equivalent in amount to the bond that would otherwise be required of the contractor under ORS § 701.068.
(3) The board may charge a contractor a fee to cover any expense incurred by the board in allowing the contractor to substitute a letter of credit or cash deposit under this section.
(4) A contractor that supplies a letter of credit or cash deposit under this section is considered to be bonded under ORS § 701.068 for purposes of performing rehabilitation work on illegal drug manufacturing sites. A letter of credit or cash deposit that a contractor supplies under this section is considered to be a surety bond issued under ORS § 701.068 for purposes of claims involving the contractor’s rehabilitation work on illegal drug manufacturing sites. The issuer of a letter of credit described in this section is considered to be a surety for a bond only for purposes of receiving notification of a determination under ORS § 701.068 or 701.146. [2007 c.203 § 2; 2011 c.630 40,61; 2016 c.99 § 3]