Or. Admin. Code § 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).
Notes
Statutory/Other Authority: ORS 284.335 & ORS 315.514
Statutes/Other Implemented: ORS 315.514
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