Oregon Revised Statutes Chapter 457 § 457.445 — Consolidated billing tax rate; impairment certificates; election to become

Consolidated billing tax rate; impairment certificates; election to become reduced rate plan. (1) As used in this section, “post-2012 local option tax” means a local option tax, as defined in ORS 280.040, that is approved by taxing district electors after January 1, 2013. (2) The consolidated billing tax rate of an urban renewal plan equals the total of all taxing district ad valorem property tax rates used to extend taxes, after any adjustment to reflect tax offsets under ORS 310.105. (3) Notwithstanding subsection (2) of this section, the consolidated billing tax rate of a standard rate plan excludes any rate derived from: (a) An urban renewal special levy under ORS 457.435; and (b) A post-2012 local option tax. (4)(a) Notwithstanding subsection (3)(b) of this section, the consolidated billing tax rate of a standard rate plan includes a post-2012 local option tax imposed in a fiscal year for which the urban renewal agency files with the county assessor an impairment certificate in the manner described in paragraph (b) of this subsection not later than the May 1 immediately preceding the beginning of the fiscal year. (b) An impairment certificate must: (A) Identify the urban renewal plan to which it relates; (B) Instruct the county assessor to include the post-2012 local option tax in the consolidated billing tax rate for the urban renewal plan for the ensuing fiscal year; (C) State that the urban renewal agency has reasonably determined that excluding the post-2012 local option tax from the consolidated billing tax rate for the fiscal year under this subsection would impair contracts that the agency has entered into with owners of indebtedness incurred before October 7, 2013, to carry out the standard rate plan; and (D) Be signed by an authorized representative of the agency. (5)(a) The governing body of a municipality that adopted a standard rate plan, other than an existing urban renewal plan designated as an Option Three plan under ORS