1. (1) The Legislative Assembly finds that the American Recovery and Reinvestment Act of 2009 (P.L. 111-5) provides that the State of Oregon may receive, allocate and reallocate the authority to issue certain kinds of state and local government bonds that qualify for tax credits, federal subsidies or exclusion of bond interest from gross income under the United States Internal Revenue Code of 1986, as amended.
2. (2) As described in subsections (3) to (6) of this section, state agencies and the Private Activity Bond Committee may allocate and reallocate or take any additional actions that are desirable to maximize the benefits of bonding programs created or expanded by the American Recovery and Reinvestment Act of 2009 (P.L. 111-5).
3. (3) The Department of Education, with the approval of the Governor, may allocate, reallocate and otherwise manage this state’s qualified school construction bonding authority.
4. (4) The Oregon Business Development Department may allocate, reallocate and otherwise manage this state’s recovery zone economic development bonding authority and this state’s recovery zone facility bonding authority.
5. (5) The State Department of Energy may allocate, reallocate and otherwise manage this state’s qualified energy conservation bonding authority.
6. (6) The Private Activity Bond Committee may allocate, reallocate and otherwise manage any bonding authority that is created or expanded by the American Recovery and Reinvestment Act of 2009 (P.L. 111-5) if that responsibility is not assigned to a state agency by this section, or if an agency that is assigned that responsibility requests the Private Activity Bond Committee to allocate that authority on behalf of that agency.

7. (7) The Department of Education, the Oregon Business Development Department, the State Department of Energy and the Private Activity Bond Committee may adopt rules to implement the provisions of this section including, but not limited to, rules prescribing:

   1. (a) Application processes and requirements to receive a subsequent allocation or reallocation;
   2. (b) Standards upon which an allocation or reallocation may be based; and
   3. (c) Any conditions that must be met to receive an allocation or reallocation of the bonding authority or to receive the benefits of such bonding authority.

[2009 c.885 §12]