Or. Admin. R. 123-674-6620

Current through Register Vol. 63, No. 8, August 1, 2024

Section 123-674-6620 - Distribution of Payment among Cosponsors

In the case of an enterprise zone sponsor comprising two or more city or county governments or port districts:

(1) Any cosponsor may act as the initial depository for collecting the qualified business firm's payment as described in OAR 123-674-6610 and providing the firm with the requisite proof of payment, but at least one cosponsor must do so.

(2) The cosponsors may create joint mechanisms and arrangements to receive, hold or use such payments.

(3) The cosponsors may distribute the amount of any such payment among themselves through any mutually agreed method or formula, including but not limited to proportional receipt only by cosponsors that levy taxes where the property is located.

(4) If distribution does not happen within six months of receipt of payment, unless pending a joint effort among the cosponsors as described in OAR 123-674-6630, the government or entity holding the funds shall distribute the full amount in equal portions to each city, port or county government that sponsors the zone without assessing any administrative fee. If more than one county sponsors the zone, then the cosponsors in the county containing the qualified property shall receive and divide among themselves not less than half of the total payment.

(5) There is no obligation to maintain or repeat for future payments any of the sponsor's elections and methods utilized in accordance with this rule for a given payment.

Or. Admin. R. 123-674-6620

OBDD 27-2010, f. & cert. ef. 6-14-10

Stat. Auth.: ORS 285A.075 & 285C.060(1)

Stats. Implemented: ORS 285C.240