Or. Admin. Code § 951-003-0010

Current through Register Vol. 63, No. 11, November 1, 2024

Section 951-003-0010 - Auctions

(1) OFVO will conduct at least one (1) auction of tax credits in any calendar year in coordination with the Department of Revenue and utilizing their system.

(2) The Oregon Film Office will publicize any auction via its emailed newsletter and online platforms, including but not limited to the OregonConfluence.com and @OregonFilm on Facebook.

(3) Auctions will be administered by the Department of Revenue and all bids and payments resulting from the auction will be sent to, collected and collated by the Department of Revenue. It is currently expected that all auctions will be carried out online utilizing the Department of Revenue's online system.

(4) Questions specifically about the mechanics of the auction and bids made during the auction that are sent during the auction itself will be passed along to the Department of Revenue as administrator of the auction. OFVO will answer the questions it deems appropriate and aid in the administration of questions poised and other communications with clients participating in the auction.

(5) Auctions will have a specified time period from the official opening time for the acceptance of bids and the time at which the last bid will be accepted. Any bids tender outside of these specified times will not be accepted or allowed.

(6) All bidders must send, mail or personally deliver a money order, certified or cashier's check made out to the Oregon Department of Revenue in the exact total amount of their bid to specified Department of Revenue offices throughout the state within a specified time period after the auction officially closes in order for their bid to be considered as final.

(7) If the sum of all the bids made during the auction exceed the amount of tax credits available for sale, then winning bids will be determined by the following criteria, in this order:

(a) Payment for full amount of bid is physically received by the Department of Revenue within the timeframe specified after the auction officially closes;

(b) Highest value bids;

(c) Earliest timestamped bids;

(8) Unsuccessful bidders will have their certified or cashier's checks returned to them via US Mail after winning bids are determined via criteria in (7)(a) through (c).

Or. Admin. Code § 951-003-0010

FVO 1-2019, adopt filed 08/26/2019, effective 8/26/2019

Statutory/Other Authority: ORS 284.335 & ORS 315.514

Statutes/Other Implemented: ORS 315.514