Section 275.318 - Sale or lease of land located in industrial use zone; Industrial Development Revolving Fund; use of proceeds of sale(1) When the governing body of a county sells or leases real property acquired in any manner by the county, if that property is located in an area planned and zoned for industrial use under an acknowledged comprehensive plan of the county, the governing body may order all the moneys paid to the county under the terms of the sale be deposited with the county treasurer and credited to a special fund created by the governing body and designated the Industrial Development Revolving Fund of the county.(2) The county treasurer shall disburse the moneys in the Industrial Development Revolving Fund of the county only upon the written order of the county governing body and only for the purposes set forth in subsection (3) of this section.(3) The governing body of a county may expend moneys in an Industrial Development Revolving Fund created under this section only for:(a) The engineering, improvement, rehabilitation, construction, operation or maintenance, in whole or in part, including the preproject planning costs, of any development project authorized by ORS 271.510 to 271.540 or 280.500 that is located in the county and that could directly result in one of the following activities: (A) Manufacturing or other industrial production;(B) Agricultural development or food processing;(C) Aquacultural development or seafood processing;(D) Development or improved utilization of natural resources;(E) Operation of convention facilities or trade centers;(F) Operation of transportation or freight facilities; and(G) Other activities that represent new technology or types of economic enterprise the county governing body determines are needed to diversify the economic base of the county.(b) Construction of off-site transportation or utility infrastructure that is necessary or appropriate to serve the development project.(4) If moneys from the sale of county property located in an area planned and zoned for industrial use are not credited to the Industrial Development Revolving Fund of the county, those moneys shall be distributed as provided in ORS 275.275.(5) The governing body of a county may sell, lease or convey the real property described in this section, including any part thereof or interest therein, at public or private sale, with or without advertisement, and do all acts necessary to the accomplishment of the sale, lease or conveyance.Amended by 2013 Ch. 248, § 1, eff. 1/1/2014.275.318 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 275 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.