ORS § 286a.806 — OR Code / Title 27 / Chapter 286a / Section 286a.806
286A.806 School Capital Matching Fund
Status: in_force

Pursuant to section 4, Article XI-P of the Oregon Constitution, the School Capital Matching Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the School Capital Matching Fund may be invested as provided in ORS 286A.025 (Issuance and sale of bonds) (2)(g), and interest earned on moneys in the fund must be credited to the fund. The School Capital Matching Fund consists of net proceeds of Article XI-P bonds issued under ORS 286A.796 (Definitions for ORS 286A.796 to 286A.806) to 286A.806 (School Capital Matching Fund) , moneys from the repayment of loans by school districts and other moneys made available by the Legislative Assembly for purposes described in ORS 286A.798 (Authority of State Treasurer to issue bonds) (1) and the budget authorization for bond issuance established under ORS 286A.035 (Bond budget authorization) for the Department of Education. Moneys in the fund are continuously appropriated to the Department of Education for the purposes described in ORS 286A.798 (Authority of State Treasurer to issue bonds) (1) and the budget authorization. [2011 c.699 §6; 2013 c.722 §38]

Source: Section 286A.806 — School Capital Matching Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.740 — OR Code / Title 27 / Chapter 286a / Section 286a.740
286A.740 Article XI-O Bond Fund
Status: in_force

(1) The Article XI-O Bond Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned on the bond fund must be credited to the bond fund. Amounts credited to the bond fund are continuously appropriated to the Oregon Department of Administrative Services for the purpose of paying, when due, the principal of, the interest on and the premium, if any, on outstanding Article XI-O bonds. The Oregon Department of Administrative Services shall credit to the bond fund:

(a) Capitalized or accrued interest on Article XI-O bonds;

(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the bond fund;

(c) Reserves established for the payment of Article XI-O bonds; and

(d) Amounts received in payment of a bill for bond-related costs in amounts and at times so that sufficient moneys are available in the bond fund to pay the principal of, the interest on and the premium, if any, on Article XI-O bonds when due.

(2) The department may create separate accounts in the bond fund for reserves and debt service for each series of Article XI-O bonds. [Formerly 286.740]

Source: Section 286A.740 — Article XI-O Bond Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.056 — OR Code / Title 27 / Chapter 286a / Section 286a.056
286A.056 Cancellation or postponement of scheduled issuance of bonds
Status: in_force

(1) If the State Treasurer or Director of the Oregon Department of Administrative Services determines that the treasurer or director will cancel or postpone an issuance of general obligation bonds or lottery bonds that was authorized by law and previously scheduled, the treasurer or director shall provide written notice to the President of the Senate, the Speaker of the House of Representatives and the Legislative Fiscal Officer.

(2) The treasurer or director shall provide the notice not later than 30 days after the date the issuance of the bonds was scheduled. [2012 c.107 §3]

Source: Section 286A.056 — Cancellation or postponement of scheduled issuance of bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.585 — OR Code / Title 27 / Chapter 286a / Section 286a.585
286A.585 Lottery bonds for community sports facilities
Status: in_force

(1) Pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) and subject to future legislative approval, lottery bonds may be issued to make grants or loans to Oregon cities to fund projects for the reconstruction, renovation or development of community sports facilities in order to make the facilities suitable for use by a major league baseball team if a city is selected as an expansion site by major league baseball or if a major league baseball team agrees to relocate to a city.

(2) The use of lottery bond proceeds is authorized based on the following findings:

(a) The financial assistance to cities will assist in the construction, improvement and expansion of infrastructure and community facilities that comprise the physical foundation for commercial activity and provide the basic framework for continued and expanded economic opportunities and quality communities throughout Oregon.

(b) Such financial assistance to cities will therefore promote economic development within this state, and thus the use of net proceeds derived from the operation of the Oregon State Lottery to pay debt service on lottery bonds issued under this section to provide such financial assistance to cities is an appropriate use of state lottery funds under section 4, Article XV of the Oregon Constitution, and ORS 461.510 (State Lottery Fund) .

(3) Lottery bonds issued pursuant to this section shall be issued only at the request of the Director of the Oregon Business Development Department.

(4) The net proceeds of lottery bonds issued pursuant to this section shall be deposited in the Economic Infrastructure Project Fund established by ORS 285B.551 (Issuance of additional lottery bonds) . The Director of the Oregon Business Development Department shall allocate the moneys deposited in the Economic Infrastructure Project Fund for the purpose described in this section in accordance with the priorities developed by the Oregon Business Development Commission in accordance with ORS 285A.020 (Legislative findings) .

(5) The proceeds of lottery bonds issued pursuant to this section shall be used only for the purposes set forth in this section and for bond-related costs. [Formerly 286.585]

Note: Sections 2 to 6, 8, 10 to 13, 15 to 38 and 43 to 45, chapter 599, Oregon Laws 2023, provide:

Sec. 2. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the State Department of Fish and Wildlife, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the State Department of Fish and Wildlife for deposit in the Oregon Conservation and Recreation Fund established in ORS 496.252 (Oregon Conservation and Recreation Fund) , for wildlife passage infrastructure to support wildlife mobility and habitat connectivity within priority corridors.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that this authorization will be used to protect native fish and wildlife. [2023 c.599 §2]

Sec. 3. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the State Department of Fish and Wildlife, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $8.75 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the State Department of Fish and Wildlife for deposit in the Fish Passage Fund established in ORS 497.139 (Fish Passage Fund) , for fish passage infrastructure.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that this authorization will be used to protect native fish. [2023 c.599 §3]

Sec. 4. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $10 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Business Development Department for deposit in the Levee Project Grant Fund established in ORS 285B.421 (Levee Project Grant Fund) , for the purpose of providing grants under ORS 285B.420 (Financial assistance for levee projects) for levee projects as defined in ORS 285B.410 (Definitions for ORS 285B.410 to 285B.482) .

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) Levees are an integral part of the commercial and industrial infrastructure of this state; and

(b) The inspection, accreditation, certification and repair of levees will promote economic development within this state. [2023 c.599 §4]

Sec. 5. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Watershed Enhancement Board, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $4 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Watershed Enhancement Board for deposit in the Community Drinking Water Enhancement and Protection Fund established in section 4, chapter 606, Oregon Laws 2023 [ 448.380 (Community Drinking Water Enhancement and Protection Fund) ], to provide grants to water suppliers to protect, restore or enhance sources of drinking water.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that having adequate drinking water systems enhances community development and supports Oregon’s economic growth. [2023 c.599 §5]

Sec. 6. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $50 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Business Development Department for deposit in the Child Care Infrastructure Fund established in section 3, chapter 523, Oregon Laws 2023 [ 329A.725 (Child Care Infrastructure Fund) ].

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) Increasing the capacity of child care facilities will create jobs; and

(b) Providing additional opportunities for child care will allow more individuals needing child care to seek employment, promoting economic growth. [2023 c.599 §6]

Sec. 8. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Department of Education, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $15 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Department of Education for deposit in the Connecting Oregon Schools Fund established in ORS 276A.424 (Connecting Oregon Schools Fund) , for providing matching funds for federal moneys received by school districts, education service districts, public charter schools or a consortium that consists of any combination of school districts, education service districts and public charter schools, for the purpose of providing broadband access to eligible education facilities in this state.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) Assisting education facilities with matching funds promotes expansion of access to high-speed broadband for public education; and

(b) Providing financial assistance to education facilities for building connections to broadband infrastructure will enhance community efforts to promote economic growth. [2023 c.599 §8]

Sec. 10. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Water Resources Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $50 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Water Resources Department for deposit in the Water Supply Development Account established in ORS 541.656 (Water Supply Development Account) , to issue grants for irrigation modernization projects that:

(a) Leverage federal funding associated with Natural Resources Conservation Service authorized watershed plans, U.S. Bureau of Reclamation WaterSMART grant recipients or U.S. Environmental Protection Agency grant recipients that are eligible to be on the Department of Environmental Quality’s Intended Use Plan; and

(b) Provide public benefits in each category of benefits described in ORS 541.673 (Evaluation for public benefits of project) .

(3) For projects involving surface water rights where the project conserves water, priority shall be given to projects that legally protect a portion of the conserved water instream commensurate with the amount required under the approach described in ORS 537.470 (Allocation of conserved water by commission) .

(4) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) Having adequate and efficient irrigation systems enhances community development and supports Oregon’s economic growth; and

(b) Assisting local governments to mitigate losses resulting from reduced water supply for irrigation will enhance community efforts to facilitate and promote economic growth. [2023 c.599 §10]

Sec. 11. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Water Resources Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $10 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Water Resources Department for deposit in the Water Supply Development Account established in ORS 541.656 (Water Supply Development Account) , for providing grants or loans to evaluate, plan and develop in-stream and out-of-stream statewide water development projects.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) Having adequate drinking water systems, irrigation, drainage and healthy ecosystems enhances community development and supports Oregon’s economic growth; and

(b) Assisting local governments to mitigate losses resulting from reduced water supply for irrigation and retirement of water rights will enhance community efforts to facilitate and promote economic growth. [2023 c.599 §11]

Sec. 12. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the State Parks and Recreation Department, the State Treasurer may issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $10 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the State Parks and Recreation Department for deposit into the Oregon Main Street Revitalization Grant Program Fund established in ORS 390.264 (Oregon Main Street Revitalization Grant Program Fund) , to provide grants pursuant to ORS 390.262 (Oregon Main Street Revitalization Grant Program) .

(3) The Legislative Assembly finds that the use of proceeds of lottery bonds issued pursuant to this section will create jobs, further economic development and enhance the economic vitality of Oregon downtowns and local communities by supporting projects that revitalize historic downtown commercial districts, redevelop and reuse existing buildings, facilitate small business relocation and expansion initiatives and provide assistance, training and technical services. [2023 c.599 §12]

Sec. 13. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Health Authority, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $50 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Health Authority for deposit in the Community Acute Psychiatric Facility Capacity Program Fund established in section 14 of this 2023 Act [ 413.213 (Community Acute Psychiatric Facility Capacity Program Fund) ].

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) Increasing the capacity of acute psychiatric facilities will create jobs; and

(b) Providing additional opportunities for treatment will allow for economic growth in local communities. [2023 c.599 §13]

Sec. 15. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Willamette Falls Locks Authority, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $7.25 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to the Willamette Falls Locks Authority for restoration of the Willamette Falls navigation canal and locks.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that restoration of the Willamette Falls navigation canal and locks will enhance the economic viability of the region, increase opportunities for commercial transportation and offer opportunities for recreation and transportation. [2023 c.599 §15]

Sec. 16. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the City of Redmond, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $3 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to the City of Redmond for construction of a public safety facility.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that public safety facilities are necessary components of a climate that facilitates and encourages economic development. [2023 c.599 §16]

Sec. 17. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Serendipity Center, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $2.8 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to the Serendipity Center for construction of an addition on the school campus that will include classrooms and spaces for physical movement and counseling.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that expanding therapeutic education programs and services for at-risk youth will facilitate and encourage economic development. [2023 c.599 §17]

Sec. 18. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with Lane County, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to Lane County for construction of a behavioral health facility offering person-centered, trauma-informed services.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that behavioral health facilities are necessary components of a climate that facilitates and encourages economic development. [2023 c.599 §18]

Sec. 19. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with Homes for Good housing agency, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $4.9 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to Homes for Good housing agency for construction of an affordable housing and early learning center project in Eugene.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) Having housing and child care for at-risk populations is essential to Oregon’s healthy economic growth; and

(b) A severe shortage of affordable housing and child care facilities exists in Oregon, and market indicators demonstrate a growing gap between the supply of and the demand for affordable housing and child care. [2023 c.599 §19]

Sec. 20. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the City of Oregon City, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $4 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to the City of Oregon City for Phase II of the city’s Main Street Connective Corridor Project between 10th Street and 15th Street, which includes new curbs, sidewalks, lighting, pedestrian crossings, trees, bicycle infrastructure, bollards, parking meters and public art.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that improving multimodal transportation networks supports the long-term economic development and livability of this state. [2023 c.599 §20]

Sec. 21. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Business Development Department for deposit in the OBDD Economic Development Distributions Fund established under section 28, chapter 748, Oregon Laws 2017, for distribution to the City of Aumsville to build a mechanical processing wastewater treatment plant.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that wastewater treatment systems are an integral part of the commercial and industrial infrastructure of this state, and improving wastewater treatment will promote economic development and watershed health. [2023 c.599 §21]

Sec. 22. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Business Development Department for deposit in the OBDD Economic Development Distributions Fund established under section 28, chapter 748, Oregon Laws 2017, for distribution to the City of Molalla to build a sequence batch reactor wastewater treatment plant.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that wastewater treatment systems are an integral part of the commercial and industrial infrastructure of this state, and improving wastewater treatment will promote economic development and watershed health. [2023 c.599 §22]

Sec. 23. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $3.825 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Business Development Department for deposit in the OBDD Economic Development Distributions Fund established under section 28, chapter 748, Oregon Laws 2017, for distribution to the City of Newport to make improvements to its wastewater treatment plant.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that wastewater treatment systems are an integral part of the commercial and industrial infrastructure of this state, and improving wastewater treatment will promote economic development and watershed health. [2023 c.599 §23]

Sec. 24. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with Latino Network, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $4 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to Latino Network for construction of La Plaza Esperanza in east Multnomah County.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that improving access to preschool programs and community services will enhance the economic viability of the region, create jobs and improve the quality of life for the community. [2023 c.599 §24]

Sec. 25. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Family Justice Center of Washington County, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $4 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to the Family Justice Center of Washington County for acquisition and renovation of a building to establish the Washington County Family Peace Center.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that programs that support children and families impacted by child abuse, neglect and domestic violence reduce the financial and economic burden domestic violence and child abuse impose on individuals and the community. [2023 c.599 §25]

Sec. 26. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Water Resources Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Water Resources Department for deposit in the Water Resources Department Water Supply Fund established in section 10, chapter 906, Oregon Laws 2009, for distribution to the City of West Linn to replace the city’s sole drinking water pipe over the Willamette River in conjunction with the I-205 Abernathy Bridge project.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that drinking water supply lines are an integral part of the commercial and industrial infrastructure of this state, and essential for economic development. [2023 c.599 §26]

Sec. 27. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with Washington County, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to Washington County for construction of a substance use disorder treatment facility.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that individuals increase their potential for self-sufficiency, increase economic productivity and use fewer public resources when they have access to addiction treatment programs and services. [2023 c.599 §27]

Sec. 28. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Port of Portland, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to the Port of Portland for seismic strengthening of the soil under Marine Terminal 2 to accommodate construction of the Building Innovation Hub.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) The Building Innovation Hub will help to satisfy Oregon’s need for affordable housing;

(b) Having housing for at-risk populations is essential to Oregon’s healthy economic growth; and

(c) A severe shortage of affordable housing exists in Oregon, and market indicators demonstrate a growing gap between the supply of and the demand for affordable housing. [2023 c.599 §28]

Sec. 29. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with Benton County, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to Benton County for construction of an emergency operations center.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that emergency response facilities are necessary to protect public infrastructure and maintain a climate that facilitates and encourages economic development. [2023 c.599 §29]

Sec. 30. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the City of Redmond, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to the City of Redmond for infrastructure improvements to support construction of the Northpoint affordable housing project in Redmond.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) Having housing for at-risk populations is essential to Oregon’s healthy economic growth; and

(b) A severe shortage of affordable housing facilities exists in Oregon, and market indicators demonstrate a growing gap between the supply of and the demand for affordable housing. [2023 c.599 §30]

Sec. 31. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Department of Transportation, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Department of Transportation for deposit in the DOT Economic Development Distributions Fund established under ORS 461.557 (DOT Economic Development Distributions Fund) , for distribution to the City of Bend for construction of a pedestrian and bicycle overcrossing of U.S. Highway 97 and Burlington Northern Santa Fe Railway railroad tracks along Hawthorne Avenue.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that a safe, efficient and reliable pedestrian and bicycle transportation network supports the long-term economic development and livability of this state. [2023 c.599 §31]

Sec. 32. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the City of Eugene, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to the City of Eugene for construction of stadium facilities at the Eugene Civic Park.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that constructing the stadium will enhance the economic viability of the region through increased tourism, job creation and improved quality of life for the community. [2023 c.599 §32]

Sec. 33. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Department of Transportation, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $20 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Department of Transportation for deposit in the DOT Economic Development Distributions Fund established under ORS 461.557 (DOT Economic Development Distributions Fund) , for distribution to the Port of Hood River to support the Hood River-White Salmon Interstate Bridge replacement project.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that a safe, efficient and reliable transportation infrastructure supports the long-term economic development and livability of this state. [2023 c.599 §33]

Sec. 34. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Department of Transportation, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $20 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Department of Transportation for deposit in the DOT Economic Development Distributions Fund established under ORS 461.557 (DOT Economic Development Distributions Fund) , for distribution to Multnomah County to support the Earthquake Ready Burnside Bridge project in downtown Portland.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that a safe, efficient and reliable transportation infrastructure supports the long-term economic development and livability of this state. [2023 c.599 §34]

Sec. 35. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $4.5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Business Development Department for deposit in the OBDD Economic Development Distributions Fund established under section 28, chapter 748, Oregon Laws 2017, for distribution to the City of Phoenix for infrastructure and utility improvements at a 72-acre zoned industrial site north of Phoenix.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that utility infrastructure supports the long-term economic development of this state. [2023 c.599 §35]

Sec. 36. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $5 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Business Development Department for deposit in the OBDD Economic Development Distributions Fund established under section 28, chapter 748, Oregon Laws 2017, for distribution to the Umatilla Electric Cooperative Association for infrastructure and utility improvements on newly dedicated industrial land in Morrow and Umatilla Counties.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that utility infrastructure supports the long-term economic development of this state. [2023 c.599 §36]

Sec. 37. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with Jefferson County, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $4 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) , for distribution to Jefferson County for an expansion to Central Oregon Community College’s Madras Campus to focus on the training of early childhood educators and healthcare workers.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that improving access to education for Oregonians entering the workforce will facilitate and encourage economic development. [2023 c.599 §37]

Sec. 38. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $3,000,000 in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Business Development Department for deposit in the Cultural Resources Economic Fund established in section 6, chapter 786, Oregon Laws 2013, to provide a grant to the Native Arts and Cultures Foundation to support the renovation and reopening of the new Center for Native Arts and Cultures in southeast Portland.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) The grant described in this section will leverage art and cultural resources to create vibrant public spaces that integrate art and cultural and natural amenities, sustain Oregon’s rich arts and cultural experiences and enhance a strong sense of place and community identity; and

(b) The factors described in paragraph (a) of this subsection have the effect of creating jobs, expanding business and tax revenues and enhancing the economic vitality of Oregon communities. [2023 c.599 §38]

Sec. 43. (1) Prior to requesting the issuance of lottery bonds pursuant to this 2023 Act, the Oregon Department of Administrative Services shall review each authorized use of lottery bond proceeds and determine whether the recipient is ready to expend the proceeds for the authorized use.

(2) If the department determines that a recipient is not ready to expend the proceeds for an authorized use, the State Treasurer may not issue lottery bonds under this 2023 Act for the authorized use. [2023 c.599 §43]

Sec. 44. (1) For the biennium beginning July 1, 2023, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $20 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Business Development Department for deposit in the Coos Bay Channel Fund established by section 15, chapter 746, Oregon Laws 2007, for distribution to the Oregon International Port of Coos Bay to deepen and widen the Coos Bay Federal Navigation Channel.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that port facilities and related infrastructure are an integral part of the commercial and industrial infrastructure of this state, and promote economic development. [2023 c.599 §44]

Sec. 45. (1) For the biennium beginning July 1, 2025, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $20 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Business Development Department for deposit in the Coos Bay Channel Fund established by section 15, chapter 746, Oregon Laws 2007, for distribution to the Oregon International Port of Coos Bay to deepen and widen the Coos Bay Federal Navigation Channel.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that port facilities and related infrastructure are an integral part of the commercial and industrial infrastructure of this state, and promote economic development. [2023 c.599 §45]

Source: Section 286A.585 — Lottery bonds for community sports facilities; use of proceeds of bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 289.105 — OR Code / Title 27 / Chapter 289 / Section 289.105
289.105 Official action to undertake project
Status: in_force

The undertaking of any eligible project must be requested by official action of the participating institution taken at a regular or duly called special meeting thereof by the affirmative vote of a majority of the members of the institution’s board of directors. [1989 c.820 §5]

Source: Section 289.105 — Official action to undertake project , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.857 — OR Code / Title 27 / Chapter 286a / Section 286a.857
286A.857 Article XI-G Bond Administration Fund
Status: in_force

(1) The Article XI-G Bond Administration Fund is established in the State Treasury, separate and distinct from the General Fund, or with a third party under contract with the Oregon Department of Administrative Services and approved by the State Treasurer. Moneys in the Article XI-G Bond Administration Fund may be invested as provided in ORS 286A.025 (Issuance and sale of bonds) and 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) , and interest earned on the fund must be credited to the fund. Moneys credited to the Article XI-G Bond Administration Fund are continuously appropriated to the department for payment of bond-related costs. The department shall credit to the fund:

(a) Proceeds of Article XI-G bonds that were issued to pay bond-related costs; and

(b) Moneys appropriated or otherwise provided by the Legislative Assembly for deposit in the fund.

(2) At the request of the department, the State Treasurer may create or cause to be created separate accounts in the Article XI-G Bond Administration Fund. [2015 c.828 §11]

Source: Section 286A.857 — Article XI-G Bond Administration Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.615 — OR Code / Title 27 / Chapter 286a / Section 286a.615
286A.615 Private Activity Bond Committee
Status: reserved

(1) The Private Activity Bond Committee is established. It shall consist of the State Treasurer or the designee of the State Treasurer, one representative from the Oregon Department of Administrative Services and one public representative appointed to serve at the pleasure of the Governor.

(2) The State Treasurer, or the State Treasurer’s designee, shall serve as chair of the committee.

(3) The purpose of private activity bonding in this state is to maximize the economic benefits of private activity bonding to the citizens of this state. The committee shall adopt by rule standards for amounts allocated to the committee for further allocation for economic development, housing, education, redevelopment, public works, energy, waste management, waste and recycling collection, transportation and other activities that the committee determines will benefit the citizens of this state. In developing standards, the committee shall:

(a) Survey the expected need for private activity bond allocations at least once each year;

(b) Develop strategies for reserving and allocating the limit that are designed to maximize the availability of tax exempt financing among competing sectors of the Oregon economy; and

(c) Ensure that the standards include but are not limited to standards that:

(A) Support projects that increase the number of family wage jobs in this state.

(B) Promote economic recovery in small cities heavily dependent on a single industry.

(C) Emphasize development in underdeveloped rural areas of this state.

(D) Utilize educational resources available at public universities listed in ORS 352.002 (Public universities) .

(E) Support development of the state’s small businesses, especially minority-owned businesses, woman-owned businesses, veteran-owned businesses and emerging small businesses, as those terms are defined in ORS 200.005 (Definitions) .

(F) Encourage use of Oregon’s human and natural resources in endeavors that harness Oregon’s economic comparative advantages.

(4) The state private activity bond volume cap allocated to the Private Activity Bond Committee as provided in ORS 286A.620 (Private activity bond volume cap) shall be allocated and reallocated among issuers by the Private Activity Bond Committee as follows:

(a) Any amounts not reserved to an issuer or a class of issuers under the authorization adopted by the Legislative Assembly under ORS 286A.035 (Bond budget authorization) shall be allocated or reallocated by the committee under rules adopted under subsection (3) of this section.

(b) Any amounts provided for in the authorization adopted by the Legislative Assembly under ORS 286A.035 (Bond budget authorization) that are unused shall be carried forward for use as provided by rules adopted under subsection (3) of this section.

(c) The rules adopted by the committee shall limit the period of time for which an allocation of private activity bonding authority is effective. The rules shall ensure that allocations made during a calendar year are used during that calendar year or that the unused amount of the allocation is reallocated or carried forward.

(5) Amounts allocated to a state agency on behalf of which the State Treasurer may issue bonds may be suballocated by the state agency, at the state agency’s discretion, through an assignment of the allocation to another issuer, provided that the issuer receiving the assignment shall:

(a) Use the allocation for the same category of private activity bond projects for which the allocation was made;

(b) Use the allocation during the calendar year for which the allocation was made; and

(c) Otherwise comply with any terms and conditions imposed in connection with the allocation by the committee or the Legislative Assembly or by rule of the state agency making the assignment. [Formerly 286.615; 2011 c.637 §95; 2015 c.565 §18; 2023 c.174 §2; 2023 c.497 §19]

Source: Section 286A.615 — Private Activity Bond Committee; purpose of private activity bonding; suballocation; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 289.010 — OR Code / Title 27 / Chapter 289 / Section 289.010
289.010 Findings
Status: in_force

(1) The Legislative Assembly finds that by use of the powers and procedures described in this chapter for the assembling and financing of lands for housing, educational, cultural or other nonprofit uses and for the construction and financing of facilities for those uses, financed through the issuance of revenue bonds secured solely by the properties and rentals thus made available, the state may be able to increase the availability of decent, affordable housing, the achievement of higher levels of learning and development of the intellectual capacities of citizens, the expansion of the authorized services and resources for the intellectual and artistic enrichment of citizens, the advancement of nonprofit activities and services and the general well-being of citizens.

(2) It is the purpose of this chapter to authorize the exercise of powers granted by this chapter by this state in addition to and not in lieu of any other powers it may possess. [1989 c.820 §1; 2007 c.71 §89; 2007 c.785 §2; 2015 c.51]

Source: Section 289.010 — Findings; purpose , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.822 — OR Code / Title 27 / Chapter 286a / Section 286a.822
286A.822 Article XI-Q Bond Administration Fund
Status: in_force

(1) The Article XI-Q Bond Administration Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the Article XI-Q Bond Administration Fund may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) , and interest earned on the bond administration fund must be credited to the bond administration fund. Amounts credited to the bond administration fund are continuously appropriated to the Oregon Department of Administrative Services for payment of bond-related costs. The department shall credit to the bond administration fund:

(a) Proceeds of Article XI-Q bonds that were issued to pay bond-related costs;

(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the bond administration fund;

(c) Amounts transferred from a project fund as provided in ORS 286A.818 (Authority of State Treasurer to issue bonds) (5); and

(d) Amounts paid by a project agency under ORS 286A.824 (Article XI-Q bond program) .

(2) At the request of the department, the State Treasurer may create separate accounts in the bond administration fund as provided in ORS 286A.025 (Issuance and sale of bonds) (2)(g). [2011 c.14 §5]

Source: Section 286A.822 — Article XI-Q Bond Administration Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.630 — OR Code / Title 27 / Chapter 286a / Section 286a.630
286A.630 Reallocation of private activity bond cap
Status: in_force

(1) The Legislative Assembly finds that the American Recovery and Reinvestment Act of 2009 (P.L. 111-5) provides that the State of Oregon may receive, allocate and reallocate the authority to issue certain kinds of state and local government bonds that qualify for tax credits, federal subsidies or exclusion of bond interest from gross income under the United States Internal Revenue Code of 1986, as amended.

(2) As described in subsections (3) to (6) of this section, state agencies and the Private Activity Bond Committee may allocate and reallocate or take any additional actions that are desirable to maximize the benefits of bonding programs created or expanded by the American Recovery and Reinvestment Act of 2009 (P.L. 111-5).

(3) The Department of Education, with the approval of the Governor, may allocate, reallocate and otherwise manage this state’s qualified school construction bonding authority.

(4) The Oregon Business Development Department may allocate, reallocate and otherwise manage this state’s recovery zone economic development bonding authority and this state’s recovery zone facility bonding authority.

(5) The State Department of Energy may allocate, reallocate and otherwise manage this state’s qualified energy conservation bonding authority.

(6) The Private Activity Bond Committee may allocate, reallocate and otherwise manage any bonding authority that is created or expanded by the American Recovery and Reinvestment Act of 2009 (P.L. 111-5) if that responsibility is not assigned to a state agency by this section, or if an agency that is assigned that responsibility requests the Private Activity Bond Committee to allocate that authority on behalf of that agency.

(7) The Department of Education, the Oregon Business Development Department, the State Department of Energy and the Private Activity Bond Committee may adopt rules to implement the provisions of this section including, but not limited to, rules prescribing:

(a) Application processes and requirements to receive a subsequent allocation or reallocation;

(b) Standards upon which an allocation or reallocation may be based; and

(c) Any conditions that must be met to receive an allocation or reallocation of the bonding authority or to receive the benefits of such bonding authority. [2009 c.885 §12]

Source: Section 286A.630 — Reallocation of private activity bond cap; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.045 — OR Code / Title 27 / Chapter 286a / Section 286a.045
286A.045 Borrowing for current expenses
Status: in_force

(1) The State Treasurer may issue bonds to finance all or a portion of the current expenses of this state. The amount of bonds issued under this section at any time may not exceed the State Treasurer’s estimate of the cash flow deficit in revenues available to pay the expenses that are financed with the bonds, plus amounts for reasonable reserves and costs.

(2) To estimate the amount of cash flow deficit, the State Treasurer shall take into account the most recent cash flow forecast made by the Oregon Department of Administrative Services and any other information the State Treasurer determines is reliable and relevant.

(3) When the State Treasurer issues bonds under this section:

(a) The Oregon Department of Administrative Services shall account for and administer the proceeds of the bonds and the repayment of the bonds. The State Treasurer, in consultation with the Oregon Department of Administrative Services, shall determine the appropriate investment strategy for the proceeds of the bonds. The State Treasurer shall notify the Director of the Oregon Department of Administrative Services, the Legislative Fiscal Officer and the Legislative Revenue Officer before issuing bonds under this section.

(b) The State Treasurer may pledge:

(A) All or a portion of the revenues of the State of Oregon to pay bonds issued under this section.

(B) The full faith and credit of the State of Oregon to pay bonds issued under this section if the bonds are payable from the Short Term Borrowing Account established under ORS 286A.050 (Short Term Borrowing Account) and the bonds mature not later than the end of the biennium in which the bonds are issued.

(c) A state agency may use the proceeds of bonds issued under this section:

(A) For a purpose for which the revenues that are pledged to pay the bonds may be used;

(B) To pay principal, interest and premium, if any, on the bonds or a rebate or penalty due to the United States in connection with the bonds;

(C) To pay the cost of credit enhancement devices with respect to the bonds;

(D) To pay the costs of the State Treasurer and the Oregon Department of Administrative Services of issuing, administering or maintaining the bonds including, but not limited to, the cost of a consultant or adviser retained by the State Treasurer or the Oregon Department of Administrative Services; or

(E) To make payments with respect to agreements for the exchange of interest rates.

(4) This section constitutes complete authority for the State Treasurer to issue bonds described in this section.

(5) ORS 286A.035 (Bond budget authorization) does not apply to bonds authorized by this section.

(6) The requirements and limitations that apply to certificates of indebtedness issued under ORS 293.165 (Borrowing to pay warrants against General Fund) do not apply to bonds issued by the State Treasurer under this section.

(7) This section and ORS 286A.050 (Short Term Borrowing Account) constitute complete authorization by the Legislative Assembly for the use and expenditure of the proceeds of the bonds and the revenues pledged to pay those bonds for the purposes described in subsection (3)(c) of this section. Additional appropriation or authorization is not necessary. The authorization contained in this section and ORS 286A.050 (Short Term Borrowing Account) to spend moneys for the purposes described in subsection (3)(c) of this section does not constitute an appropriation for purposes of ORS 291.357 (Limitation on rate of growth of appropriations for general governmental purposes) .

(8) The proceeds of bonds issued by the State Treasurer under this section do not constitute revenues received by the General Fund for purposes of section 14, Article IX of the Oregon Constitution, and ORS 291.349 (Revenue estimate) .

(9) The State Treasurer may perform the duties and exercise the powers of a related agency under this section. [2007 c.783 §11]

Source: Section 286A.045 — Borrowing for current expenses , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 289.240 — OR Code / Title 27 / Chapter 289 / Section 289.240
289.240 Report of bonding activities
Status: in_force

(1) Within 90 days following the closing of each fiscal year, the Oregon Facilities Authority shall report on its operations to the Governor, State Treasurer and the Legislative Assembly. The report shall include a summary of the authority’s activities relating to bonds issued under this section.

(2) In accordance with any applicable provision of ORS chapter 183, the authority may adopt such rules as it considers necessary to carry out its duties, functions and powers under this chapter. [1989 c.820 §18]

Source: Section 289.240 — Report of bonding activities; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.110 — OR Code / Title 27 / Chapter 286a / Section 286a.110
286A.110 Agreements for exchange of interest rates
Status: in_force

(1) A related agency with the approval of the State Treasurer, or the State Treasurer on behalf of a related agency, may enter into agreements for exchange of interest rates with counterparties. Agreements for exchange of interest rates may be made to manage payment, interest rate, spread or similar exposure undertaken in connection with a related bond upon a determination by the related agency, or by the State Treasurer on behalf of the related agency, that the agreement benefits the State of Oregon.

(2) Subject to covenants applicable to a related bond and the limitations of this section, payments required under an agreement for the exchange of interest rates by the related agency, or the State Treasurer on behalf of the related agency, may:

(a) Be treated as interest payments on the related bond;

(b) Be made from revenues or other moneys that are pledged or otherwise committed to pay the related bond; and

(c) Rank in an order of priority of payment relative to the payment of the related bond as the related agency, or the State Treasurer on behalf of the related agency, determines.

(3) In connection with entering into an agreement under this section, a related agency, or the State Treasurer on behalf of the related agency, may enter into a credit enhancement device for an agreement for exchange of interest rates.

(4) An agreement for exchange of interest rates is subject only to the limitations of this section and is not subject to a limitation applicable to the related bond.

(5) With the approval of the State Treasurer, a related agency may use moneys derived from the issuance and sale of bonds to pay termination payments due under an agreement entered into under this section.

(6) A related agency, with the approval of the State Treasurer, may:

(a) Create reserves to pay amounts due under an agreement for exchange of interest rates; and

(b) Fund the reserves with moneys derived from the issuance and sale of bonds or from revenues or other moneys described in subsection (2)(b) of this section. [2007 c.783 §10]

Source: Section 286A.110 — Agreements for exchange of interest rates , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.768 — OR Code / Title 27 / Chapter 286a / Section 286a.768
286A.768 Education Seismic Fund
Status: in_force

(1) The Education Seismic Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the seismic fund may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) , and interest earned on the seismic fund must be credited to the seismic fund. Amounts credited to the seismic fund are continuously appropriated to the Oregon Business Development Department for the purpose described in ORS 286A.762 (Authority of State Treasurer to issue bonds) (2) and for the purpose of paying bond-related costs. The department shall deposit in the seismic fund:

(a) The net proceeds of Article XI-M bonds transferred pursuant to ORS 286A.762 (Authority of State Treasurer to issue bonds) (3);

(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the seismic fund;

(c) Gifts, grants or contributions received by the department for the purpose described in ORS 286A.762 (Authority of State Treasurer to issue bonds) (2); and

(d) Moneys received as repayment of, as a return on or in exchange for the grant or loan of net proceeds of Article XI-M bonds.

(2) The department may create separate accounts in the seismic fund as appropriate for the management of moneys in the seismic fund.

(3) The department and any other state agency or other entity receiving or holding net proceeds of Article XI-M bonds shall, at the direction of the Oregon Department of Administrative Services, take action necessary to maintain the excludability of interest on Article XI-M bonds from gross income under the Internal Revenue Code.

(4) The department shall transfer to the Article XI-M Bond Administration Fund the unexpended and uncommitted amounts remaining in the seismic fund if:

(a) Unexpended funds that are not contractually committed to a particular purpose remain in the seismic fund on the last day of the biennium; and

(b) Article XI-M bonds will be outstanding in the next biennium.

(5) The department may adopt rules to carry out this section including, but not limited to, establishing:

(a) Required contributions from applicants;

(b) Fees;

(c) Standards, terms and conditions under which moneys in the seismic fund may be granted, loaned or otherwise made available; and

(d) Procedures for distributing and monitoring the use of moneys from the seismic fund. [Formerly 286.768; 2013 c.782 §7]

Source: Section 286A.768 — Education Seismic Fund; purposes; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.001 — OR Code / Title 27 / Chapter 286a / Section 286a.001
286A.001 Definitions for ORS chapter 286A
Status: in_force

As used in this chapter:

(1) “Agreement for exchange of interest rates” means a contract, or an option or forward commitment to enter into a contract, for the exchange of interest rates that provides for:

(a) Payments based on levels of or changes in interest rates; or

(b) Provisions to hedge payment, rate, spread or similar exposure including, but not limited to, an interest rate floor or cap or an option, put or call.

(2) “Bond”:

(a) Means a contractual undertaking or instrument of the State of Oregon to repay borrowed moneys.

(b) Does not mean a financing agreement, as defined in ORS 283.085 (Definitions for ORS 283.085 to 283.092) , if the principal amount of the agreement is $100,000 or less, or a credit enhancement device.

(3) “Counterparty” means an entity with whom the State of Oregon enters into an agreement for exchange of interest rates.

(4) “Credit enhancement device”:

(a) Means a letter of credit, line of credit, standby bond purchase agreement, bond insurance policy, reserve surety bond or other device or facility used to enhance the creditworthiness, liquidity or marketability of bonds or agreements for the exchange of interest rates; and

(b) Does not mean a bond.

(5) “Credit enhancement device fee” means a payment required to be made to the provider of a credit enhancement device securing a bond or securing an agreement for the exchange of interest rates.

(6) “General obligation bond” means a bond that constitutes indebtedness of the state under section 7, Article XI of the Oregon Constitution, and that is exempt from the $50,000 limitation on indebtedness set forth in that section.

(7) “Operative document” means a bond declaration, trust agreement, indenture, security agreement or other document in which the State of Oregon pledges property as security for an obligation, as defined in ORS 286A.100 (Definitions for ORS 286A.100 and 286A.102) .

(8) “Refunding bond” means a bond of the State of Oregon that is issued to refund another bond, regardless of whether the refunding is on a current, advance, forward delivery, synthetic or other basis.

(9) “Related agency” means the state agency that requests the State Treasurer to issue bonds pursuant to ORS 286A.025 (Issuance and sale of bonds) or for which the State Treasurer has issued bonds.

(10) “Related bond” means a bond for which the State of Oregon enters into an agreement for exchange of interest rates.

(11) “Revenue” means all fees, tolls, excise taxes, assessments, property taxes and other taxes, rates, charges, rentals and other income or receipts derived by a state agency or to which a state agency is entitled.

(12) “Revenue bond” means a bond of the State of Oregon that is not a general obligation bond.

(13) “State agency”:

(a) Includes a statewide elected officer, board, commission, department, division, authority or other entity, without regard to the designation given to the entity, that is within state government, as defined in ORS 174.111 (“State government” defined) ; and

(b) Does not include:

(A) A statewide elected judge;

(B) The State Treasurer;

(C) A local government, as defined in ORS 174.116 (“Local government” and “local service district” defined) ;

(D) The Oregon Health and Science University;

(E) A special government body, as defined in ORS 174.117 (“Special government body” defined) , except to the extent a special government body must be considered a state agency in order to achieve the purposes of Article XI-K of the Oregon Constitution; or

(F) A semi-independent state agency listed in ORS 182.454 (Semi-independent state agencies) , 377.835 (Creation of Travel Information Council as semi-independent state agency) or 674.305 (Appraiser Certification and Licensure Board) , or any other state agency denominated by statute as a semi-independent state agency.

(14) “Termination payment” means the amount payable under an agreement for exchange of interest rates by one party to another party as a result of the termination, in whole or part, of the agreement prior to the expiration of the stated term. [2007 c.783 §2; 2009 c.537 §7]

Source: Section 286A.001 — Definitions for ORS chapter 286A , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.826 — OR Code / Title 27 / Chapter 286a / Section 286a.826
286A.826 Budgeting for Article XI-Q project costs
Status: in_force

A project agency shall request that the Governor include in the Governor’s budget for each biennium amounts that are sufficient to pay:

(1) The costs of a project financed or to be financed by the issuance of Article XI-Q bonds during the biennium;

(2) Amounts billed during the biennium by the Oregon Department of Administrative Services under ORS 286A.824 (Article XI-Q bond program) ; and

(3) The bond-related costs associated with the projects financed or to be financed with Article XI-Q bonds. [2011 c.14 §7; 2016 c.117 §51]

Source: Section 286A.826 — Budgeting for Article XI-Q project costs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.860 — OR Code / Title 27 / Chapter 286a / Section 286a.860
286A.860 Budgeting for Article XI-G bonds
Status: in_force

The Higher Education Coordinating Commission shall request that the Governor include in the Governor’s budget request to the Legislative Assembly for each biennium amounts that are sufficient to pay:

(1) The costs of grant contract disbursements during the biennium for any projects to be financed by the issuance of Article XI-G bonds;

(2) The debt service due during the biennium for any Article XI-G bonds that have been or will be issued;

(3) Amounts billed during the biennium by the Oregon Department of Administrative Services, or the commission, under ORS 286A.863 (Rules) (2); and

(4) Any bond-related costs associated with any Article XI-G bonds. [2015 c.828 §12]

Source: Section 286A.860 — Budgeting for Article XI-G bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.380 — OR Code / Title 27 / Chapter 287a / Section 287a.380
287A.380 Tax levy to pay maturing general obligation advance refunding bonds
Status: in_force

(1) Pursuant to ORS 287A.140 (Ad valorem tax levy to pay general obligation bonds) , a public body shall levy taxes to pay the maturing interest and principal of advance refunding bonds that are general obligation bonds.

(2) Notwithstanding ORS 287A.140 (Ad valorem tax levy to pay general obligation bonds) or any other provision of law, a public body may not cause a tax to be levied to pay the maturing interest and principal of general obligation bonds that have been defeased as described in ORS 287A.195 (Compliance with constitutional or statutory debt limits) (2), unless the amounts held to defease the bonds are insufficient. [2007 c.783 §59]

WARRANTS AND CHECKS; INTEREST; UNCLAIMED WARRANTS AND CHECKS; MASTER WARRANTS

Source: Section 287A.380 — Tax levy to pay maturing general obligation advance refunding bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.160 — OR Code / Title 27 / Chapter 286a / Section 286a.160
286A.160 Exception to expenditure limits for repaying obligations
Status: in_force

(1) Notwithstanding any law limiting expenditures of a state agency, for the purpose of repaying obligations of the state to obtain savings in total or periodic debt service payments, a law limiting expenditures does not apply to payments approved by the State Treasurer for administrative expenses, debt service or financing costs that are necessary or appropriate for the retirement or refunding of bonds unless the law limiting expenditures creates a specific exception to this section.

(2) The Oregon Department of Administrative Services may establish administrative limitations on the payment and recording of expenditures made pursuant to subsection (1) of this section.

(3) The Oregon Department of Administrative Services shall report incurred expenses and debt service savings resulting from actions taken under subsection (1) of this section that affect administrative expenses, debt service or financing costs paid with moneys out of the General Fund or lottery funds, within 90 days of taking action, to the Joint Committee on Ways and Means if the Legislative Assembly is in session or to the Emergency Board or to the Joint Interim Committee on Ways and Means during the interim between legislative sessions. [Formerly 286.063; 2012 c.107 §20]

Source: Section 286A.160 — Exception to expenditure limits for repaying obligations; administrative limits; reports , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.560 — OR Code / Title 27 / Chapter 286a / Section 286a.560
286A.560 Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711
Status: in_force

As used in ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) and 327.700 (Definitions for ORS 327.700 to 327.711) to 327.711 (Payment of debt service) , unless the context requires otherwise:

(1) “Appropriated funds” for a particular fiscal year means any moneys, other than unobligated net lottery proceeds, that are specifically appropriated or otherwise specifically made available by the Legislative Assembly or the Emergency Board for a fiscal year to replenish reserves established as additional security for lottery bonds pursuant to the authority granted in ORS 286A.580 (Issuance of lottery bonds) (6).

(2) “Bond-related costs” means:

(a) The costs and expenses of issuing, administering and maintaining lottery bonds and the lottery bond program, including but not limited to paying or redeeming lottery bonds, paying amounts due in connection with credit enhancements or any instruments authorized by ORS 286A.580 (Issuance of lottery bonds) (6) and paying the administrative costs and expenses of the State Treasurer and the Oregon Department of Administrative Services, including costs of consultants or advisors retained by the State Treasurer or the Oregon Department of Administrative Services for the lottery bonds or the lottery bond program;

(b) The costs of funding any lottery bond reserves;

(c) Capitalized interest for lottery bonds;

(d) Rebates or penalties due to the United States in connection with lottery bonds; and

(e) Any other costs or expenses that the State Treasurer or the Director of the Oregon Department of Administrative Services determines are necessary or desirable in connection with issuing lottery bonds or maintaining the lottery bond program.

(3) “Lottery bonds” means:

(a) The state park lottery bonds authorized by ORS 390.060 (Definitions for ORS 390.060 to 390.067) to 390.067 (Request for issuance of state park lottery bonds) , the infrastructure lottery bonds authorized by ORS 285B.530 (Definitions for ORS 285B.530 to 285B.548) to 285B.548 (Amount of infrastructure lottery bonds) and the education lottery bonds authorized by ORS 327.700 (Definitions for ORS 327.700 to 327.711) to 327.711 (Payment of debt service) ;

(b) Any other bonds payable from the revenues of the Oregon State Lottery unless the legislation authorizing those bonds expressly provides that those bonds may not be issued under ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) ; and

(c) Any refunding lottery bonds.

(4) “Lottery Bond Administrative Fund” means the fund created by ORS 286A.573 (Lottery Bond Administrative Fund) .

(5) “Lottery Bond Fund” means the fund created by ORS 286A.570 (Lottery Bond Fund) .

(6) “Lottery bond program” means a financing program authorized by:

(a) ORS 285B.530 (Definitions for ORS 285B.530 to 285B.548) to 285B.548 (Amount of infrastructure lottery bonds) , 327.700 (Definitions for ORS 327.700 to 327.711) to 327.711 (Payment of debt service) or 390.060 (Definitions for ORS 390.060 to 390.067) to 390.067 (Request for issuance of state park lottery bonds) ; or

(b) Any other Act of the Legislative Assembly authorizing the issuance of bonds that are payable from the revenues of the Oregon State Lottery, unless the legislation authorizing those bonds expressly provides that those bonds may not be issued under ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) .

(7) “Refunding lottery bonds” means any bonds issued for the purpose of refunding any lottery bonds.

(8) “Unobligated net lottery proceeds” means all revenues derived from the operation of the Oregon State Lottery except for:

(a) The revenues used for the payment of prizes and expenses of the Oregon State Lottery as provided in section 4 (4)(d), Article XV of the Oregon Constitution, and ORS 461.500 (Lottery to be self-supporting) and 461.510 (State Lottery Fund) ; and

(b) The revenues required to be allocated to pay the Westside lottery bonds and any bonds issued to refund the Westside lottery bonds, to fund reserves for any of those bonds and to pay related costs of the Department of Transportation.

(9) “Westside lottery bonds” means the bonds issued by this state under the authority granted in ORS 391.140 (Revenue bonds for specified light rail project) that, notwithstanding ORS 267.334 (Electoral approval for issuance of general obligation bonds by Tri-Met to fund extension of light rail) , 285B.419 (Administration of Special Public Works Fund) , 285B.422 (Funding to municipalities for development projects) , 285B.482 (Revenue bonds as parity bonds) , 285B.530 (Definitions for ORS 285B.530 to 285B.548) to 285B.548 (Amount of infrastructure lottery bonds) , 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) , 327.700 (Definitions for ORS 327.700 to 327.711) to 327.711 (Payment of debt service) and 390.060 (Definitions for ORS 390.060 to 390.067) to 390.067 (Request for issuance of state park lottery bonds) , shall have a claim on lottery funds that is superior to the claim of the lottery bonds authorized by ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) . [Formerly 286.560; 2009 c.821 §17]

Source: Section 286A.560 — Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.563 — OR Code / Title 27 / Chapter 286a / Section 286a.563
286A.563 Purposes
Status: in_force

(1) The Legislative Assembly declares that the purpose of ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) is to combine previously enacted legislation authorizing lottery bonds into a single Act that provides uniform administrative procedures for all lottery bonds issued by the State of Oregon.

(2) The lottery bonds issued under ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) shall be special obligations of the State of Oregon that are payable solely from unobligated net lottery proceeds, amounts available in the Lottery Bond Fund and in any reserve accounts established for lottery bonds under ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) and any appropriated funds. The faith and credit of the State of Oregon or any of its taxing power shall not be pledged or committed to the payment of lottery bonds or any other commitment of the State of Oregon authorized by ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) . [Formerly 286.563]

Source: Section 286A.563 — Purposes; nature of lottery bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.804 — OR Code / Title 27 / Chapter 286a / Section 286a.804
286A.804 Article XI-P Bond Administration Fund
Status: in_force

(1) The Article XI-P Bond Administration Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the Article XI-P Bond Administration Fund may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) , and interest earned on the bond administration fund must be credited to the bond administration fund. Amounts credited to the bond administration fund are continuously appropriated to the Oregon Department of Administrative Services for payment of bond-related costs. The department shall credit to the bond administration fund:

(a) Proceeds of Article XI-P bonds that were issued to pay bond-related costs;

(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the bond administration fund; and

(c) Amounts transferred from the School Capital Matching Fund established under ORS 286A.806 (School Capital Matching Fund) as described in section 4, Article XI-P of the Oregon Constitution.

(2) At the request of the department, the State Treasurer may create separate accounts in the bond administration fund as provided in ORS 286A.025 (Issuance and sale of bonds) (2)(g). [2011 c.699 §5; 2017 c.9 §7]

Source: Section 286A.804 — Article XI-P Bond Administration Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.105 — OR Code / Title 27 / Chapter 287a / Section 287a.105
287A.105 Limitation on bonded indebtedness of county
Status: in_force

(1) A county may incur bonded indebtedness within the meaning of section 10, Article XI of the Oregon Constitution, by issuing revenue bonds when a county is expressly authorized to issue revenue bonds by a law other than this section. The amount of revenue bonds permitted by this section may not exceed the lesser of:

(a) One percent of the real market value of all taxable property in the county, calculated as provided in ORS 308.207 (Computation of real market value for taxing or bonding limitations) ; or

(b) A limitation on bonded indebtedness in the county charter.

(2) The limitation on bonded indebtedness in subsection (1) of this section does not apply to revenue bonds issued to finance pension liabilities under ORS 238.692 (Definitions for ORS 238.692 to 238.698) to 238.698 (Funds diversion agreement) or any other law in effect prior to enactment of ORS 238.692 (Definitions for ORS 238.692 to 238.698) to 238.698 (Funds diversion agreement) . [2007 c.783 §45]

Source: Section 287A.105 — Limitation on bonded indebtedness of county , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.784 — OR Code / Title 27 / Chapter 286a / Section 286a.784
286A.784 Article XI-N Bond Fund
Status: in_force

(1) The Article XI-N Bond Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the bond fund may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) , and interest earned on the bond fund must be credited to the bond fund. Amounts credited to the bond fund are continuously appropriated to the Oregon Department of Administrative Services for the purpose of paying, when due, the principal of, the interest on and the premium, if any, on outstanding Article XI-N bonds. The department shall deposit in the bond fund:

(a) Capitalized or accrued interest on Article XI-N bonds;

(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the bond fund; and

(c) Reserves established for the payment of Article XI-N bonds.

(2) The department may create separate accounts in the bond fund for reserves and debt service for each series of Article XI-N bonds. [Formerly 286.784]

Source: Section 286A.784 — Article XI-N Bond Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.808 — OR Code / Title 27 / Chapter 286a / Section 286a.808
286A.808 Oregon School Capital Improvement Matching Account
Status: in_force

(1) Pursuant to Article XI-P, section 4, of the Oregon Constitution, the Oregon School Capital Improvement Matching Account is established in the State Treasury, separate and distinct from the General Fund.

(2) Amounts in the Oregon School Capital Improvement Matching Account may be invested as provided in ORS 286A.025 (Issuance and sale of bonds) (2)(g), and interest earned on moneys in the account must be credited to the account.

(3) Notwithstanding ORS 286A.806 (School Capital Matching Fund) , the Oregon School Capital Improvement Matching Account consists of net proceeds of Article XI-P bonds and other moneys made available by the Legislative Assembly for purposes described in ORS 286A.798 (Authority of State Treasurer to issue bonds) (1) and the budget authorization for bond issuance established under ORS 286A.035 (Bond budget authorization) for the Department of Education.

(4) Moneys in the Oregon School Capital Improvement Matching Account are continuously appropriated to the Department of Education for the purposes described in ORS 286A.801 (Matching fund grants to school districts) . [2015 c.783 §4]

Note: 286A.808 (Oregon School Capital Improvement Matching Account) was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 286A or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

Source: Section 286A.808 — Oregon School Capital Improvement Matching Account; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.015 — OR Code / Title 27 / Chapter 286a / Section 286a.015
286A.015 Payment of expenses of State Treasurer
Status: in_force

Moneys received under ORS 286A.014 (Fees and expenses of State Treasurer) are continuously appropriated to the State Treasurer for the payment of expenses of the State Treasurer in connection with bonds of the State of Oregon or a public body as defined in ORS 287A.001 (Definitions for ORS chapter 287A) . [2007 c.783 §6]

Note: 286A.015 (Payment of expenses of State Treasurer) was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 286A or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

Source: Section 286A.015 — Payment of expenses of State Treasurer , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.845 — OR Code / Title 27 / Chapter 286a / Section 286a.845
286A.845 Budgeting for Article XI-F(1) bonds
Status: in_force

The Higher Education Coordinating Commission shall request that the Governor include in the Governor’s budget request to the Legislative Assembly for each biennium amounts that are sufficient to pay:

(1) The costs of loan agreement disbursements during the biennium to public universities for the costs of projects to be financed by the issuance of Article XI-F(1) bonds;

(2) The debt service due during the biennium for any Article XI-F(1) bonds that have been or will be issued;

(3) Amounts billed during the biennium by the Oregon Department of Administrative Services, or the commission, under ORS 286A.863 (Rules) (2); and

(4) Any bond-related costs associated with any Article XI-F(1) bonds. [2015 c.828 §7]

Source: Section 286A.845 — Budgeting for Article XI-F(1) bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.130 — OR Code / Title 27 / Chapter 286a / Section 286a.130
286A.130 Bond counsel services
Status: in_force

(1) The State Treasurer or a related agency may enter into one or more agreements for bond counsel services for a period of not less than one year during any biennium in which there are bonds outstanding that were issued for the state agency or during any biennium in which the state agency expects the State Treasurer to issue bonds for an agency program. A state agency may not enter into an agreement for bond counsel services unless the State Treasurer and the Attorney General have reviewed and approved the terms and conditions of the agreement. Before approving an agreement, the State Treasurer shall consider the reputation, experience and credentials of the bond counsel, including the individuals expected to actually fulfill the contract work.

(2) Except as provided in subsection (3) of this section, the appointment of bond counsel may not be construed as authorizing bond counsel to advise or represent the state on matters that are committed by statute to the Attorney General.

(3) The services provided under a bond counsel agreement may include:

(a) Advising a state agency or the State Treasurer concerning the legality of specific proposed taxable or tax-exempt bonds and the compliance of obligations with applicable law, including but not limited to federal securities and tax laws;

(b) Issuing opinions to a state agency, the State Treasurer or other parties concerning the enforceability of, authority for and tax status of bonds, agreements for exchange of interest rates, credit enhancement devices or similar associated documents and on the lawful use of the proceeds of the bonds, as may be required by the demands of the marketplace for the bonds;

(c) Advising a state agency or the State Treasurer on legal procedures and practices in the bond marketplace, including advice on the structuring and sale of bonds;

(d) Preparing or assisting in the preparation of documents related to a specific issue of bonds, including but not limited to an authorizing resolution or declaration, a trust indenture, a prospectus, a preliminary official statement, an official statement, a bond sale notice, a bond form, a bid form, a bond purchase agreement, an agreement for exchange of interest rates, a credit enhancement device or a similar document necessary or desirable to sell bonds;

(e) Advising a state agency or the State Treasurer concerning the maintenance of the tax status of specific bonds, compliance with any requirements for representations or disclosures relating to the bonds, compliance with any documents executed as part of the issuance of the bonds and federal laws related to bond programs that may be available to a state agency;

(f) Advising a state agency or the State Treasurer concerning accounting, investment or administrative procedures recommended or required for compliance with federal or state securities or tax or rebate requirements relating to bonds that were issued for the agency or that the agency expects to issue; and

(g) Advising and assisting a state agency or the State Treasurer in responding to an inquiry received from or an audit by a federal or state regulatory body concerning:

(A) The tax status of interest paid on the bonds;

(B) The marketing of the bonds;

(C) Requirements of federal law related to the use of bond proceeds or the program for which the bonds were issued; or

(D) Other matters within the jurisdiction of the federal or state regulatory body relating to bonds that were issued by the state agency.

(4) In addition to entering into an agreement described in subsection (3) of this section, the State Treasurer or a related agency may appoint bond counsel by letter, certificate or otherwise, to provide the services described in subsection (3) of this section for an individual pass-through revenue bond sale.

(5) The State Treasurer or, with the approval of the State Treasurer, a related agency may enter into an agreement with and retain the services of one or more providers of financial advisory services. When considering whether to enter into or approve an agreement with a provider of financial advisory services, before approving the agreement, the State Treasurer shall consider the reputation, experience and credentials of the adviser, including the individuals expected to actually fulfill the contract work.

(6) Except for the expenses of bond counsel services provided under subsection (4) of this section for pass-through revenue bond sales, the related agency shall pay the expenses of any agreements entered into under this section and may use bond proceeds to pay those expenses.

(7) The Public Contracting Code does not apply to agreements entered into under this section. [2007 c.783 §20; 2023 c.174 §4]

Source: Section 286A.130 — Bond counsel services; financial advisory services; Public Contracting Code , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.836 — OR Code / Title 27 / Chapter 286a / Section 286a.836
286A.836 Loan agreements for Article XI-F(1) bonds
Status: in_force

Prior to the sale of any Article XI-F(1) bonds, except for refunding bonds, a public university and the Higher Education Coordinating Commission shall enter into a loan agreement that includes:

(1) A representation by the public university that it has revenue sufficiency for the Article XI-F(1) bonds;

(2) A loan repayment schedule and a covenant of the public university to make all required loan repayment schedule payments to the commission prior to the date any bond debt service payments are due on the Article XI-F(1) bonds that financed the loan;

(3) Terms and conditions obligating the public university to maintain any federal tax benefits related to the Article XI-F(1) bonds and to execute and deliver any required tax certificates or agreements in connection with any federal tax benefits related to the Article XI-F(1) bonds; and

(4) Terms and conditions indemnifying the State of Oregon against regulatory or bondholder liability due to the action or inaction of the public university related to the Article XI-F(1) bonds. [2015 c.828 §4; 2016 c.66 §10]

Source: Section 286A.836 — Loan agreements for Article XI-F(1) bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.863 — OR Code / Title 27 / Chapter 286a / Section 286a.863
286A.863 Rules
Status: in_force

(1) The Oregon Department of Administrative Services may, in consultation with the Higher Education Coordinating Commission, adopt rules for the purpose of carrying out ORS 286A.830 (Definitions for ORS 286A.830 to 286A.863) to 286A.863 (Rules) , including, but not limited to, establishing:

(a) Fees and costs to be paid by public universities or community colleges for administration of higher education bonds, including reasonable fees and expenses of the State Treasurer as provided in ORS 286A.014 (Fees and expenses of State Treasurer) ;

(b) The form, content and timing of information to be submitted by public universities and community colleges to be used by the commission and the State Treasurer to evaluate revenue sufficiency for Article XI-F(1) bonds and availability and sufficiency of matching amounts for Article XI-G bonds; and

(c) Standards, terms and conditions for maintaining federal tax benefits related to higher education bonds.

(2) The department or the commission, or both, may periodically bill a public university or community college, without duplicating costs billed by contract, for the public university’s or community college’s proportional share of costs incurred by the department, or the commission, in connection with higher education bonds, including, but not limited to:

(a) Bond-related costs of higher education bonds issued or proposed to be issued to finance or refinance projects of the public university or community college; and

(b) Costs of legal or financial consultants or advisors, including, without limitation, bond counsel to the State of Oregon, for services that are provided at the request of a public university or community college in connection with higher education bonds that are issued or proposed to be issued.

(3) The department and the commission may each bill at such intervals as may be established in the department’s or commission’s own procedures and shall deposit the moneys received in the applicable bond fund, bond administration fund or other fund relating to higher education bonds, as the department or commission determines is appropriate. A public university or community college that receives a bill for bond-related costs shall pay the amount billed by the time and in the manner designated in the billing statement.

(4) Intentionally left blank —Ed.

(a) The department or the commission may enter into agreements with Oregon Health and Science University to:

(A) Receive payments from Oregon Health and Science University of amounts used to pay debt service on bonds issued by the State Treasurer to finance joint projects of Oregon Health and Science University and one or more public universities; or

(B) Administer tax compliance obligations of Oregon Health and Science University.

(b) Solely for the purposes of receiving payments of amounts used to pay debt service and administering tax compliance obligations related to the bonds, the department or the commission may be a successor to, or an assignee of, the Oregon University System under agreements between Oregon Health and Science University and the Oregon University System.

(c) The department or the commission may not assume any obligations or liability as the successor to, or assignee of, the Oregon University System under any agreements between Oregon Health and Science University and the Oregon University System, except for obligations or liability relating to the receipt of amounts used to pay debt service and the administration of tax compliance obligations. [2015 c.828 §13; 2017 c.9 §12; 2017 c.17 §22; 2018 c.98 §2]

Source: Section 286A.863 — Rules; billing of public universities and community colleges; agreements with Oregon Health and Science University , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 289.235 — OR Code / Title 27 / Chapter 289 / Section 289.235
289.235 Loan of bond proceeds for projects
Status: in_force

The state, acting through the State Treasurer and the Oregon Facilities Authority, or either of them, may lend the proceeds of the bonds authorized by this chapter for eligible projects without the necessity of the state having any ownership or leasehold interest in the eligible projects. Loans made pursuant to this section shall be secured to the extent considered necessary or desirable by the State Treasurer and the authority to assure repayment of the bonds. [1989 c.820 §16; 1991 c.408 §7]

Source: Section 289.235 — Loan of bond proceeds for projects; state not required to have ownership or leasehold interest , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.576 — OR Code / Title 27 / Chapter 286a / Section 286a.576
286A.576 Allocation of lottery moneys for lottery bonds
Status: in_force

(1) Subject only to the availability of unobligated net lottery proceeds, in each fiscal period established by the Oregon Department of Administrative Services in which lottery bonds are outstanding, there shall be allocated, in accordance with a schedule determined by the department, from the Administrative Services Economic Development Fund created by ORS 461.540 (Administrative Services Economic Development Fund) or, if unobligated net lottery proceeds in that fund are insufficient, from any other fund or account of this state that contains unobligated net lottery proceeds, an amount of unobligated net lottery proceeds that is sufficient:

(a) To pay all lottery bond principal, interest and premium, if any, that is scheduled to be paid in that fiscal period;

(b) To restore the balance in any reserve account for lottery bonds to the level the state has covenanted to maintain in the account under ORS 286A.580 (Issuance of lottery bonds) (6), including any amounts due under an instrument authorized by ORS 286A.580 (Issuance of lottery bonds) (6); and

(c) To pay bond-related costs that will be due in that fiscal period.

(2) The amounts of unobligated net lottery proceeds allocated pursuant to subsection (1) of this section shall be transferred to the following funds and accounts in the following order of priority:

(a) First, there shall be transferred to the Lottery Bond Fund an amount of unobligated net lottery proceeds that, when added to any amounts credited to the Lottery Bond Fund that are available for such purpose, will be sufficient to pay all amounts of lottery bond principal, interest and premium scheduled to be paid in that fiscal period;

(b) Second, if the balances in any reserve accounts for lottery bonds are less than the amounts the state has covenanted to maintain in those reserve accounts, there shall be transferred to the Lottery Bond Fund for credit to those reserve accounts amounts of unobligated net lottery proceeds sufficient to restore the balances in those reserve accounts to the levels the state has covenanted to maintain; and

(c) Third, any remaining amount shall be transferred to the Lottery Bond Administrative Fund.

(3) Notwithstanding any other provision of law, in accordance with Article XV, section 4 (4), of the Oregon Constitution, the annual allocations of unobligated net lottery proceeds made by this section and the transfers of unobligated net lottery proceeds required to be made by this section shall be satisfied and credited from the first unobligated net lottery proceeds received by this state before any other allocation, appropriation or disbursement of the earnings of the unobligated net lottery proceeds is made in the fiscal period.

(4) The percentages of revenues of the Oregon State Lottery that are dedicated for particular purposes under Article XV, section 4 (4), of the Oregon Constitution, shall be calculated without deducting from the total lottery revenues the amount of unobligated net lottery proceeds that are required to pay lottery bonds.

(5) If there are not sufficient revenues of the Oregon State Lottery to pay lottery bonds and to satisfy the percentage dedications set forth in the Oregon Constitution, the State Treasurer shall, before issuing any series of lottery bonds, cause a projection of unobligated net lottery proceeds and lottery bond debt service to be prepared. The State Treasurer shall not issue a series of lottery bonds if the projection indicates that there will not be sufficient proceeds of the Oregon State Lottery to satisfy the percentage dedications of Article XV, section 4 (4), of the Oregon Constitution, and to leave unobligated net lottery proceeds in amounts at least equal to the debt service on all lottery bonds, including the series proposed to be issued. However, if at some time in the future a conflict arises because of a decline in revenues of the Oregon State Lottery, unobligated net lottery proceeds shall be allocated and applied first to pay lottery bonds, and the remaining net revenues of the Oregon State Lottery shall be divided pro rata among the constitutionally dedicated uses.

(6) Notwithstanding any other provision of law, when the Legislative Assembly enacts laws granting pledges, making dedications or making appropriations of net proceeds of the Oregon State Lottery for purposes other than payment of lottery bonds, all such pledges, dedications and appropriations, whenever granted or made, shall be subordinate to the pledges and dedications of unobligated net lottery proceeds for lottery bonds. [Formerly 286.576; 2015 c.20 §1]

Source: Section 286A.576 — Allocation of lottery moneys for lottery bonds; priorities , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.035 — OR Code / Title 27 / Chapter 286a / Section 286a.035
286A.035 Bond budget authorization
Status: in_force

(1) Each related agency shall report the plans of the related agency for the issuance of bonds during the next biennium. The related agency shall submit the related agency’s report to the Governor by a date determined by the Governor and shall include in the report a description of bonds that the related agency intends to retire or defease during the next biennium.

(2) On or before a date determined by the Governor, the State Treasurer shall advise the Governor on the prudent maximum amount of bonds to be issued for each bond program. The State Treasurer shall consider available economic and financial data in preparing advice to be given to the Governor.

(3) As part of the Governor’s budget described in ORS 291.216 (Governor’s budget) , the Governor shall:

(a) Consider the prudent maximum amounts advised by the State Treasurer pursuant to subsection (2) of this section to determine the Governor’s total recommended amount; and

(b) Recommend to the Legislative Assembly the total amount of bonds the State Treasurer may issue for each bond program for a biennium.

(4) The Legislative Assembly shall determine the amount of bonds the State Treasurer may issue for each state agency for a biennium. Except as provided in subsection (5) of this section, if the Legislative Assembly fails to make the determination described in this subsection by the first day of the biennium, the unused portion of the authorization the Legislative Assembly made for the preceding biennium is deemed to carry forward for the current biennium at the amount authorized for the preceding biennium until the earlier of:

(a) The date on which legislation authorizing the amount of bonds for the current biennium is enacted; or

(b) The date on which the Legislative Assembly adjourns sine die.

(5) The unused portion of the amount of pass-through revenue bonds authorized for issuance in the preceding biennium is deemed to carry forward for the current biennium until the date on which legislation authorizing the amount of pass-through revenue bonds for the current biennium is enacted.

(6) The amount of bonds that may be issued under bond programs may be modified by the Governor. However, the Governor may not modify the amount of bonds that may be issued under bond programs in a way that would cause the maximum amount established by the Legislative Assembly for a category of bond programs to be exceeded if the Legislative Assembly:

(a) Has categorized the bonds that may be issued under bond programs as general obligation, direct revenue and pass-through revenue bonds; and

(b) Assigned a maximum amount to each category.

(7) This section applies to bonds:

(a) Unless the bonds are expressly exempted from the requirements of this section.

(b) Except refunding bonds. [2007 c.783 §9; 2013 c.766 §1; 2015 c.767 §8; 2015 c.828 §28; 2016 c.117 §47; 2023 c.174 §1; 2023 c.237 §1]

Source: Section 286A.035 — Bond budget authorization , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.120 — OR Code / Title 27 / Chapter 286a / Section 286a.120
286A.120 Credit enhancement devices
Status: in_force

(1) In addition to authority conferred by law other than this section, a related agency, with the approval of the State Treasurer, or the State Treasurer may:

(a) Enter into a credit enhancement device agreement in order to provide liquidity or security for bonds or for an agreement for exchange of interest rates. The credit enhancement device may be secured only by moneys that the State of Oregon may legally commit to secure payment of the bonds that are secured by the credit enhancement device or related to the agreement for exchange of interest rates.

(b) Obtain a credit enhancement device providing additional security for:

(A) The payment of all or a portion of amounts owing under bonds;

(B) The purpose of funding, in lieu of cash, all or a portion of a debt service reserve established with respect to bonds; or

(C) The payment of amounts owing under an agreement for exchange of interest rates.

(2) The related agency, with the approval of the State Treasurer, or the State Treasurer may pledge as security for the obligations of the State of Oregon arising under or with respect to a credit enhancement device all or a portion of revenues pledged to the payment of the bonds related to the credit enhancement device.

(3) The State Treasurer may issue a bond to the provider of a credit enhancement device to secure the obligations of the State of Oregon to pay amounts due to the provider. [2007 c.783 §8]

Source: Section 286A.120 — Credit enhancement devices , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.195 — OR Code / Title 27 / Chapter 287a / Section 287a.195
287A.195 Compliance with constitutional or statutory debt limits
Status: in_force

(1) When calculating compliance with a constitutional or statutory debt limit for a public body:

(a) The amount of interest to be paid on bonds, whether paid currently or deferred, is not taken into account.

(b) For a zero coupon bond or other original discount bond on which periodic interest payments are not made, only the accreted value of the bond on the date the bond is issued is taken into account.

(c) If a bond is issued to a provider of a credit enhancement device for a bond that is subject to a debt limit, the bond issued to the provider must be taken into account only to the extent that the amount of the bond issued to the provider exceeds the amount of the bond secured by the credit enhancement device.

(d) A public body may deduct from the amount of outstanding indebtedness:

(A) The amount of money and investments that the public body or a trustee of the public body or a trustee or agent of the public body holds to pay bonds that have not been defeased.

(B) The principal amount of bonds that have been defeased.

(2) For purposes of this section, a bond is defeased if:

(a) The public body has set aside in an irrevocable escrow government obligations, as defined in ORS 287A.375 (Maximum amount of advance refunding bonds) , the receipts from which have been calculated by a certified public accountant or other experienced professional to be sufficient, without reinvestment, to pay the principal, interest and premium, if any, due on the bond at maturity or on prior redemption; or

(b) The public body has complied with the provisions in the documents authorizing the bond that govern payment or defeasance of the bond. [2007 c.783 §64]

Source: Section 287A.195 — Compliance with constitutional or statutory debt limits , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.102 — OR Code / Title 27 / Chapter 286a / Section 286a.102
286A.102 Lien of a pledge
Status: in_force

(1) The Uniform Commercial Code does not apply to the creation, perfection, priority or enforcement of a lien of a pledge made by a state agency or the State Treasurer.

(2) When authorized by law to secure obligations with property of the State of Oregon, a state agency, or the State Treasurer acting under the State Treasurer’s own authority or on behalf of a state agency with the approval of the state agency, may pledge all or a portion of the property as security for payment of the obligations and for performance of a covenant or agreement entered into in relation to the issuance of the obligations.

(3) The lien created by a pledge described in subsection (2) of this section is valid and binding from the time the pledge is made. Pledged property is subject immediately to the lien of the pledge without physical delivery, filing or any other act.

(4) Except as otherwise expressly provided in an operative document, the lien of the pledge is superior to and has priority over all other claims and liens of any kind.

(5) When property subject to a pledge is acquired by the State of Oregon after the pledge is made:

(a) The property is subject to the lien upon acquisition by the State of Oregon without physical delivery, filing or any other act; and

(b) The lien relates back to the time the pledge was originally made.

(6) Intentionally left blank —Ed.

(a) The State Treasurer, or the related agency, may reserve the right to pledge property as security for a subsequently issued obligation.

(b) If the State Treasurer or related agency reserves the right described in paragraph (a) of this subsection, subject to the terms of the operative document that created the previous pledge, the lien of the subsequent pledge may be on a parity or pari passu basis with the lien of the previous pledge, on a prior and superior basis with the lien of the previous pledge or on a subordinate basis with the lien of the previous pledge, as specified in the operative document creating the subsequent pledge. The lien of the subsequent pledge:

(A) Has the priority specified in the operative document creating the subsequent pledge; and

(B) Is superior to and has priority over other claims and liens of any kind except the lien of a pledge with which the lien of the subsequent pledge is on a parity or subordinate basis, as specified in the operative document.

(7) Except as provided in subsection (8) of this section, a pledgee may commence an action in a court of competent jurisdiction to foreclose the lien of the pledge and exercise rights and remedies available to the pledgee under the operative document.

(8) When pledged property is in a fund for debt service reserves or payments, a pledgee may foreclose the lien of the pledge by applying the property to the payment of obligations subject to the terms, conditions and limitations in the operative document.

(9) An initiative or referendum measure approved by the electors of the State of Oregon that purports to change statutory provisions affecting rates, fees, tolls, rentals or other charges may not be given any force or effect if to do so would impair existing covenants made with holders of existing obligations regarding the imposition, levy or collection of the rates, fees, tolls, rentals or other charges pledged to secure outstanding obligations.

(10) If authorized by law other than this section to set rates, fees or other charges that are pledged to pay obligations, a state agency may enter into rate covenants. Rate covenants authorized by this subsection may obligate a state agency to periodically set the rates and charges:

(a) That generate pledged revenues at specific levels including, but not limited to, a specific monetary charge for each unit of commodity or service provided or a schedule of rates and charges that includes fixed and variable components;

(b) At levels sufficient to maintain underlying credit ratings assigned to obligations by one or more nationally recognized credit rating services without regard to any improvement in credit ratings due to the provision of additional security for the obligations by a credit enhancement device;

(c) That generate pledged revenues each year in amounts at least equal to operations and maintenance expenses of the state agency that produces the pledged revenues, plus debt service on obligations, plus an additional amount that is reasonably required to obtain favorable terms for the obligations; or

(d) In accordance with a formula established in the operative document governing obligations. The formula may provide for rates to be determined by reference to factors including, but not limited to:

(A) Historical operating expenses;

(B) Projected future operating expenses;

(C) The funding of depreciation;

(D) The costs of capital improvements;

(E) The costs of complying with contractual requirements and covenants;

(F) The costs of complying with regulatory requirements;

(G) Reports of independent consultants regarding the required level of pledged revenues;

(H) Debt service on the obligations; and

(I) The funds needed to establish or maintain reserves required by law or contract and the funds needed to maintain an unencumbered carryforward fund balance or working capital to meet unanticipated expenses or fluctuations in revenues that may arise.

(11) A rate covenant authorized by this section is a contract that binds the State of Oregon and is enforceable against the State of Oregon in accordance with the terms of the rate covenant.

(12) The State Treasurer, or a related agency with the approval of the State Treasurer, may pledge the full faith and credit of the State of Oregon as security for the payment of general obligation bonds. A pledge of the full faith and credit authorized by this subsection does not, by itself, create a lien on the revenues or property of the state. [2007 c.783 §18]

Source: Section 286A.102 — Lien of a pledge; Uniform Commercial Code , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.792 — OR Code / Title 27 / Chapter 286a / Section 286a.792
286A.792 Payment of bond-related costs
Status: in_force

For each biennium in which Article XI-N bonds will be outstanding, the Oregon Department of Administrative Services shall include in the Governor’s budget an amount that, when added to the amount on deposit in the Article XI-N Bond Fund and the Article XI-N Bond Administration Fund, is sufficient to pay the bond-related costs that are scheduled to come due in the biennium. [Formerly 286.792; 2016 c.117 §50]

Source: Section 286A.792 — Payment of bond-related costs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.580 — OR Code / Title 27 / Chapter 286a / Section 286a.580
286A.580 Issuance of lottery bonds
Status: in_force

(1) The State Treasurer, at the request of the Director of the Oregon Department of Administrative Services, may issue lottery bonds from time to time to finance any lottery bond program and to pay costs of issuing lottery bonds and administering the lottery bond program, and the State Treasury may be paid for all bond-related costs the State Treasury incurs.

(2) Lottery bond proceeds and unobligated net lottery proceeds may be used to pay bond-related costs.

(3) In addition to lottery bonds for any lottery bond program, the State Treasurer may, at the request of the affected agency or the Oregon Department of Administrative Services, issue one or more series of refunding lottery bonds. The refunding lottery bonds shall be structured so that the amount required to pay those bonds in each year does not exceed the amount of unobligated net lottery proceeds that could have been committed to pay the lottery bonds that are refunded. Refunding lottery bonds shall be issued in such amount as the State Treasurer determines is necessary or appropriate in order to:

(a) Pay or defease the principal of and the interest and redemption premium, if any, on the bonds to be refunded; and

(b) Pay any bond-related costs related to the refunding lottery bonds.

(4) All lottery bonds issued under this section shall be payable from:

(a) The amount pledged for payment under subsection (7) of this section; and

(b) Any appropriated funds.

(5) The lottery bonds shall not be general obligations of this state and shall not be secured by or payable from any funds or assets of this state other than the amounts pledged for payment or security and any appropriated funds. The Legislative Assembly shall not be under any legal compulsion or obligation to provide any appropriated funds and shall not be liable to any party for any failure to provide appropriated funds. All lottery bonds issued under ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) shall contain a statement that this state is not obligated to pay lottery bond principal, interest or premium thereon from any source other than the amounts pledged for payment and any appropriated funds, and that the full faith and credit or the taxing power of the State of Oregon are not pledged to the payment of lottery bond principal, interest or premium.

(6) The State Treasurer may establish reserves for lottery bonds. The reserves may be in the form of cash, investments, surety bonds, municipal bond insurance, lines of credit, letters of credit or other similar instruments. The State Treasurer, on behalf of the State of Oregon, may covenant to maintain the reserves at particular levels, but solely from the amounts that may be pledged to pay lottery bonds under subsection (7) of this section. If the reserves are drawn down below the level that this state has covenanted to maintain, the Director of the Oregon Department of Administrative Services shall promptly certify to the Legislative Assembly or, if the Legislative Assembly is not then in session, to the Emergency Board, the amount needed to restore the reserves to their required level. The Legislative Assembly or the Emergency Board may provide appropriated funds in the amount certified by the Director of the Oregon Department of Administrative Services. Any appropriated funds so provided shall be used immediately to restore the balance in the reserves established for the lottery bonds. The State of Oregon may enter into covenants with the owners of the lottery bonds that specify the timing and content of the director’s certification. By enacting this subsection, the Legislative Assembly acknowledges its current intention to provide appropriated funds in the amount certified by the director under this subsection. However, the Legislative Assembly or the Emergency Board shall not have any legal obligation to provide any appropriated funds.

(7) Notwithstanding any other provision of law, the State Treasurer may pledge all or any portion of the unobligated net lottery proceeds, amounts in the Lottery Bond Fund and any unexpended lottery bond proceeds to pay lottery bonds and to pay amounts due in connection with any credit enhancement or any instrument authorized by subsection (6) of this section. The lien of such pledge shall be valid and binding immediately upon delivery by the state of the lottery bonds, credit enhancement agreement or instrument secured by the pledge. The amounts so pledged shall be immediately subject to the lien of the pledge upon receipt of the amounts by this state regardless of when or whether they are allocated or transferred to the Lottery Bond Fund or the Lottery Bond Administrative Fund and regardless of whether there was physical delivery, filing or other act. Except to the extent provided in the pledge, the lien of the pledge shall be superior to all other claims, liens and appropriations of any kind. The State Treasurer may provide that lottery bonds may be issued in different series and that each series may be secured by a lien on, and pledge of, the unobligated net lottery proceeds that is superior to, subordinate to, or on a parity with, the lien of the pledge securing other series of lottery bonds. Nothing in this section shall be construed to limit the powers granted in any other part of ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) .

(8) Any covenants made under this section for the benefit of owners of lottery bonds shall constitute contracts between the State of Oregon and the owners of lottery bonds. The State Treasurer, or the Director of the Oregon Department of Administrative Services with the consent of the State Treasurer, may, on behalf of the State of Oregon and in addition to the covenants authorized by subsection (6) of this section, make the following covenants for the benefit of the owners of lottery bonds and any providers of credit enhancement or instruments authorized by subsection (6) of this section:

(a) Except as permitted by a pledge made under subsection (7) of this section, this state shall not create any lien or encumbrance on the unobligated net lottery proceeds that is superior to the liens of the pledges authorized by subsection (7) of this section.

(b) Subject only to the availability of unobligated net lottery proceeds, the State of Oregon shall budget and appropriate in each fiscal year an amount of unobligated net lottery proceeds that, when added to other funds lawfully budgeted and appropriated and available for the purpose, will be sufficient:

(A) To pay in full the principal, interest and premium due and to become due on all outstanding lottery bonds in the fiscal year;

(B) To maintain the required balance in any reserves established for lottery bonds; and

(C) To pay amounts due to the providers of credit enhancement for lottery bonds or instruments authorized by subsection (6) of this section.

(c) This state shall apply the unobligated net lottery proceeds and any other amounts so budgeted and appropriated for those purposes.

(d) This state shall continue to operate the Oregon State Lottery until all lottery bonds are paid or defeased.

(9) In connection with the issuance of any lottery bonds, the State Treasurer may establish such accounts and subaccounts within the Lottery Bond Fund that the State Treasurer determines are necessary or appropriate. In addition, the State Treasurer or the Director of the Oregon Department of Administrative Services may, on behalf of this state, enter into any agreements that the State Treasurer determines are necessary or appropriate to issue lottery bonds and carry out the provisions of ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) and all legislation authorizing lottery bond programs.

(10) If the State Treasurer determines that the acquisition is cost-effective, the State Treasurer may acquire a municipal bond insurance policy, letter of credit, line of credit, surety bond or other credit enhancement device for lottery bonds, and may enter into any related agreements.

(11) The State Treasurer may provide that all or any portion of the Lottery Bond Fund, the Lottery Bond Administrative Fund or any accounts in either fund shall be held by a trustee, may enter into agreements with the trustee regarding the use and application of the amounts held in those funds and accounts and may transfer amounts credited to those funds and accounts to the trustee. [Formerly 286.580]

Source: Section 286A.580 — Issuance of lottery bonds; refunding bonds; bond covenants; reserves for bonds; appropriation to maintain reserves; credit enhancements , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 289.125 — OR Code / Title 27 / Chapter 289 / Section 289.125
289.125 Rules
Status: in_force

(1) The Oregon Facilities Authority shall adopt by rule standards by which to determine the eligibility of projects for bond financing pursuant to this chapter. In determining the standards, the authority shall consider all relevant data. The standards of the authority must provide that projects are approved in accordance with criteria reflecting the benefits to the state. Criteria include, but need not be limited to:

(a) Supporting projects that increase the number of decent, affordable housing units in this state;

(b) Expanding the educational resources in this state; or

(c) Expanding the cultural resources in this state.

(2) Upon determining a project as eligible, the authority shall forward the application to the State Treasurer, who shall determine whether to issue the revenue bonds.

(3) The authority may treat as a single eligible project for bonding purposes any number of projects determined to be eligible projects.

(4) The authority shall collect the fees set forth in subsection (5) of this section from an applicant that seeks to have a project declared eligible for financing. The fee identified in subsection (5)(a) of this section may be collected even though the project has not been determined to be eligible for financing.

(5) The fees described in subsection (4) of this section are:

(a) An application fee determined by the Oregon Facilities Authority by rule.

(b) A closing fee not to exceed one-half of one percent of the total bond issue for the project, as determined by the authority.

(6) The authority shall deposit fees received under subsection (5) of this section in the Oregon Facilities Authority Account established under ORS 289.130 (Oregon Facilities Authority Account) . [1989 c.820 §4; 1991 c.408 §4; 2007 c.785 §5]

Source: Section 289.125 — Rules; fees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.118 — OR Code / Title 27 / Chapter 286a / Section 286a.118
286A.118 Termination payment of pass-through revenue bond borrower
Status: in_force

With the approval of the State Treasurer, a related agency may lend moneys derived from an issuance and sale of bonds to a pass-through revenue bond borrower of proceeds from outstanding, previously issued pass-through revenue bonds for the purpose of paying a termination payment due under an agreement for exchange of interest rates entered into by the pass-through revenue bond borrower in relation to the outstanding, previously issued pass-through revenue bonds. [2009 c.538 §4; 2023 c.174 §3]

Source: Section 286A.118 — Termination payment of pass-through revenue bond borrower , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.714 — OR Code / Title 27 / Chapter 286a / Section 286a.714
286A.714 Article XI-D Bond Fund
Status: in_force

(1) The Article XI-D Bond Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the bond fund may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) , and interest earned on the bond fund must be credited to the bond fund. Amounts credited to the bond fund are continuously appropriated to the Oregon Department of Administrative Services for the purpose of paying, when due, the principal of, the interest on and the premium, if any, on outstanding Article XI-D bonds. The department shall deposit in the bond fund:

(a) Capitalized or accrued interest on Article XI-D bonds;

(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the bond fund; and

(c) Reserves established for the payment of Article XI-D bonds.

(2) The department may create separate accounts in the bond fund for reserves and debt service for each series of Article XI-D bonds. [2009 c.893 §4]

Source: Section 286A.714 — Article XI-D Bond Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.830 — OR Code / Title 27 / Chapter 286a / Section 286a.830
286A.830 Definitions for ORS 286A.830 to 286A.863
Status: in_force

As used in ORS 286A.830 (Definitions for ORS 286A.830 to 286A.863) to 286A.863 (Rules) :

(1) “Article XI-F(1) bonds” means bonds issued under the authority of Article XI-F(1) of the Oregon Constitution for the benefit of a public university.

(2) “Article XI-G bonds” means bonds issued under the authority of Article XI-G of the Oregon Constitution for the benefit of a public university or a community college.

(3) “Bond-related costs” means:

(a) The costs of paying the principal of, the interest on and the premium, if any, on higher education bonds;

(b) The costs and expenses of issuing, administering and maintaining higher education bonds including, but not limited to:

(A) Costs and expenses of redeeming higher education bonds;

(B) Amounts due in connection with credit enhancement devices or agreements for exchange of interest rates; and

(C) Fees, administrative costs and expenses of the State Treasurer, the Oregon Department of Administrative Services or the Higher Education Coordinating Commission, including the costs of consultants or advisers retained by the State Treasurer, the department or the commission;

(c) The costs of funding reserves for the higher education bonds;

(d) Capitalized interest for the higher education bonds;

(e) Rebates or penalties due to the United States in connection with the higher education bonds;

(f) Expenses and liabilities arising from an inquiry, audit or other action relating to the higher education bonds by a federal or state regulatory body, including, but not limited to, legal expenses; and

(g) Any other costs or expenses that the State Treasurer, the department or the commission determines are necessary or desirable in connection with issuing and maintaining the higher education bonds.

(4) “Community college” means a community college or community college district as defined in ORS 341.005 (Definitions) .

(5) “Federal tax benefit” means the excludability of interest on higher education bonds from gross income under the Internal Revenue Code, the qualification of higher education bonds for any federal interest subsidy payment or any other tax-advantaged status granted under the Internal Revenue Code.

(6) “Grant contract” means a contract approved by the department and executed by a public university or community college and the commission that establishes the terms and conditions for issuance of Article XI-G bonds and the disbursement of proceeds to the public university or community college.

(7) “Higher education bonds” means Article XI-F(1) bonds and Article XI-G bonds.

(8) “Higher Education Coordinating Commission” includes all offices that function under the direction and control of the commission.

(9) “Loan agreement” means a contract approved by the department and executed by a public university and the commission that establishes the terms and conditions for issuance of Article XI-F(1) bonds, lending of bond proceeds and loan repayment.

(10) “Loan repayment schedule” means the schedule of repayment of loans made with proceeds of Article XI-F(1) bonds that a public university is obligated to make to the State of Oregon pursuant to a loan agreement.

(11) “Matching amount” means moneys unconditionally available to a public university or community college for the same or similar purposes as the proceeds of Article XI-G bonds issued for the benefit of the public university or community college and meeting the requirements set forth in Article XI-G, section 1 (3), of the Oregon Constitution.

(12) “Public university” means any institution established as a public university under ORS 352.002 (Public universities) .

(13) “Refunding bond” means an Article XI-F(1) bond issued for the purpose of refunding an outstanding Article XI-F(1) bond, or an Article XI-G bond issued for the purpose of refunding an outstanding Article XI-G bond, regardless of whether the refunding is on a current, advance, forward delivery, synthetic or other basis.

(14) “Revenue sufficiency” means the condition of having revenues, not including amounts appropriated by the Legislative Assembly from the General Fund, that are conservatively estimated to be lawfully available and sufficient to pay debt service on particular Article XI-F(1) bonds and operate the projects financed with the proceeds of those Article XI-F(1) bonds. [2015 c.828 §2; 2016 c.66 §9; 2017 c.9 §9]

Source: Section 286A.830 — Definitions for ORS 286A.830 to 286A.863 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.003 — OR Code / Title 27 / Chapter 286a / Section 286a.003
286A.003 State policy on debt management
Status: in_force

(1) The State of Oregon recognizes that adherence to a debt management policy that provides guidelines for debt issuance is necessary to limit the long-term impact of debt on the budget of the state, to preserve the credit rating of the state and to maintain available debt capacity to meet the continuing capital investment needs of this state. Accordingly, it is the policy of the State of Oregon that, in determining the total amount of bonds to be authorized each biennium, the Legislative Assembly shall:

(a) Limit the issuance of bonds to projects or programs that require a minimum amount of state funding, as determined by the Legislative Assembly each biennium, and direct that projects or programs with funding needs that are under the minimum amount be funded with current resources; and

(b) Prohibit the issuance of bonds for ongoing operating expenditures of the state.

(2) This section does not require the Legislative Assembly to prohibit:

(a) Borrowing for ongoing operating expenditures of the state as authorized under ORS 286A.045 (Borrowing for current expenses) ;

(b) Borrowing to finance pension obligations under ORS 238.692 (Definitions for ORS 238.692 to 238.698) to 238.698 (Funds diversion agreement) ;

(c) Borrowing to finance activities related to environmental remediation;

(d) The use of bond proceeds to pay for administration or management of projects or programs funded by the bond proceeds; or

(e) The use of interest or investment earnings on bond proceeds for ongoing operating expenditures. [2017 c.746 §14]

Source: Section 286A.003 — State policy on debt management , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 289.110 — OR Code / Title 27 / Chapter 289 / Section 289.110
289.110 Duties and powers with respect to projects
Status: in_force

(1) In addition to any other powers granted by law, the state, acting through the State Treasurer or a designee of the State Treasurer, may:

(a) Enter into agreements to finance the costs of an eligible project by lending the proceeds of bonds authorized by this chapter to a participating institution under terms and with security approved by the state.

(b) Lease and sublease eligible projects to a participating institution subject to subsection (2) of this section.

(c) Pledge or assign all or part of the revenues of one or more eligible projects owned or to be acquired by the state to the holders of bonds issued under this chapter or to a trustee for the holders, and segregate the revenues or provide for payment of the revenues to the trustee.

(d) Mortgage or otherwise encumber eligible projects in favor of the holders of bonds issued under this chapter or a trustee for the holders without obligating the state except with respect to the project.

(e) Make contracts, execute instruments and do what is necessary or desirable to exercise the powers granted by this chapter, to perform the covenants or duties of this state or to secure the payment of bonds issued under this chapter. Contracts that may be made by the state include contracts entered into prior to construction, acquisition, installation or operation of an eligible project that authorize, subject to terms and conditions the state finds necessary or desirable, a lessee or other person to provide for construction, acquisition, installation, sale or operation of buildings, improvements, land, equipment or other resources to be included in the project.

(f) Enter into and perform contracts and agreements with participating institutions for the planning, construction, installation, acquisition, sale, operation, leasing or financing of facilities, land or other resources of an eligible project, including a contract or agreement that establishes a body for the supervision and general management of the facilities.

(g) Accept loans or grants for the planning, construction, installation, acquisition, sale, operation, leasing or other provision of an eligible project from an authorized agency of the federal government, and enter into agreements with the agency respecting the loans or grants.

(2) A lease or sublease entered into under subsection (1)(b) of this section must provide that:

(a) Rents charged for the use of the project are established and revised as necessary to produce sufficient revenue to allow for payment of the principal of and interest on bonds issued under this chapter when due; and

(b) The lessee or sublessee is required to pay:

(A) The expenses of the operation and maintenance of the project including, but not limited to, adequate insurance on the project and insurance against liability for injury to persons or property arising from the operation of the project; and

(B) The taxes and special assessments levied upon the leased or subleased premises and payable during the term of the lease or sublease.

(3) During the term of a lease or sublease entered into under subsection (1)(b) of this section, ad valorem taxes must be imposed on the real and personal property of the eligible project in the same manner as the taxes would be imposed if the lessee or sublessee were the owner of the eligible project. [1989 c.820 §6; 2005 c.22 §212; 2007 c.785 §4; 2010 c.3 §2]

Source: Section 289.110 — Duties and powers with respect to projects , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 287a.325 — OR Code / Title 27 / Chapter 287a / Section 287a.325
287A.325 Covenants of public bodies regarding pledges
Status: in_force

(1) The Legislative Assembly finds that:

(a) It is a matter of statewide concern that certain covenants made by public bodies regarding a pledge of revenues to secure bonds not be impaired by subsequent initiative or referendum measures.

(b) The covenants described in paragraph (a) of this subsection usually are in the form of a promise to charge and collect rates, fees, tolls, rentals or other charges sufficient to produce moneys to maintain a specified level of debt service coverage.

(c) The possibility that the covenants described in paragraph (a) of this subsection might be rolled back, frozen or otherwise subjected to subsequently imposed conditions or restrictions negatively affects the ability of public bodies to market their bonds, to obtain credit enhancement and to obtain satisfactory ratings on their bonds.

(2) Therefore, the Legislative Assembly declares that covenants are material to the security for bonds and to investors’ expectations regarding timely payment of the bonds.

(3) An elector-approved initiative or referendum measure that purports to change ordinances or resolutions affecting rates, fees, tolls, rentals or other charges has no force or effect if giving force and effect to the change would impair existing covenants made with existing bond owners.

(4) A public body may enter into rate covenants that obligate the public body to periodically set rates and charges:

(a) That generate pledged revenues at specific levels including, but not limited to, a specific monetary charge for each unit of commodity or service provided or a schedule of rates and charges that includes fixed and variable components;

(b) At levels sufficient to maintain underlying credit ratings assigned to bonds by one or more nationally recognized credit rating services without regard to improvement in credit ratings due to the additional security provided for the bonds by a credit enhancement device;

(c) That generate pledged revenues each year in amounts at least equal to operations and maintenance expenses of the system that produces the pledged revenues, plus debt service on revenue bonds and other borrowings, plus an additional amount that is reasonably required to obtain favorable terms for the revenue bonds and other borrowings; or

(d) In accordance with a formula established in the operative document governing revenue bonds or other borrowings. The formula may provide for rates and charges to be determined by reference to factors including, but not limited to:

(A) Historical operating expenses;

(B) Projected future operating expenses;

(C) The funding of depreciation;

(D) The costs of capital improvements;

(E) The costs of complying with contractual obligations and covenants;

(F) The costs of complying with regulatory requirements;

(G) Reports of independent consultants regarding the level of pledged revenues required to operate and maintain a utility in accordance with prudent utility practice;

(H) Debt service on the revenue bonds or other borrowings bonds; and

(I) The moneys needed to establish or maintain reserves required by law or contract and the moneys needed to maintain an unencumbered carryforward fund balance or working capital to meet unanticipated expenses or fluctuations in revenues that may arise.

(5) Without regard to the date of execution of a rate covenant, a rate covenant authorized by this section is a contract that binds the public body and is enforceable against the public body in accordance with the terms of the rate covenant. [2007 c.783 §51]

Source: Section 287A.325 — Covenants of public bodies regarding pledges , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 289.215 — OR Code / Title 27 / Chapter 289 / Section 289.215
289.215 Validity of bonds not affected by other matters regarding project
Status: in_force

The validity of bonds issued under this chapter is not dependent on or affected by the validity or regularity of any proceeding relating to the acquisition, purchase, construction, reconstruction, installation, improvement, betterment, extension, management, operation or funding of the project for which the bonds are issued. The official action authorizing such bonds may provide that the bonds shall contain a recital that they are issued pursuant to this chapter and such recital shall be conclusive evidence of their validity and of the regularity of their issuance. [1989 c.820 §12; 2010 c.3 §4]

Source: Section 289.215 — Validity of bonds not affected by other matters regarding project , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.718 — OR Code / Title 27 / Chapter 286a / Section 286a.718
286A.718 Renewable Energy Fund
Status: in_force

(1) The Renewable Energy Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the fund may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) , and interest earned on the fund must be credited to the fund. Amounts credited to the fund are continuously appropriated to the State Department of Energy for the purpose described in ORS 286A.712 (Authority of State Treasurer to issue bonds) (2)(a) and for the purpose of paying bond-related costs. The department shall deposit in the fund:

(a) The net proceeds of Article XI-D bonds transferred pursuant to ORS 286A.712 (Authority of State Treasurer to issue bonds) (4);

(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the fund; and

(c) Gifts, grants or contributions received by the department for the purpose described in ORS 286A.712 (Authority of State Treasurer to issue bonds) (2)(a).

(2) The State Department of Energy may create separate accounts in the Renewable Energy Fund as appropriate for the management of moneys in the fund.

(3) The State Department of Energy and any other state agency or other entity receiving or holding net proceeds of Article XI-D bonds shall, at the direction of the Oregon Department of Administrative Services, take action necessary to maintain the excludability of interest on Article XI-D bonds from gross income under the Internal Revenue Code.

(4) If at any time the Oregon Department of Administrative Services or the State Department of Energy determines that there are moneys in the Renewable Energy Fund in excess of the amounts necessary for the purpose described in ORS 286A.712 (Authority of State Treasurer to issue bonds) (2)(a), the Oregon Department of Administrative Services or the State Department of Energy may transfer the excess amounts to the Article XI-D Bond Fund or to the Article XI-D Bond Administration Fund.

(5) The State Department of Energy may adopt rules to carry out this section, including procedures for distributing and monitoring the use of moneys from the Renewable Energy Fund. [2009 c.893 §6]

Source: Section 286A.718 — Renewable Energy Fund; purposes; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.802 — OR Code / Title 27 / Chapter 286a / Section 286a.802
286A.802 Article XI-P Bond Fund
Status: in_force

(1) The Article XI-P Bond Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the Article XI-P Bond Fund may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) , and interest earned on the bond fund must be credited to the bond fund. Amounts credited to the bond fund are continuously appropriated to the Oregon Department of Administrative Services for the purpose of paying, when due, the principal of, the interest on and the premium, if any, on outstanding Article XI-P bonds. The department shall deposit in the bond fund:

(a) Capitalized or accrued interest on Article XI-P bonds;

(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the bond fund;

(c) Reserves established for the payment of Article XI-P bonds; and

(d) Amounts transferred from the School Capital Matching Fund established under ORS 286A.806 (School Capital Matching Fund) as described in section 4, Article XI-P of the Oregon Constitution.

(2) At the request of the department, the State Treasurer may create separate accounts in the bond fund for reserves and debt service for each series of Article XI-P bonds as provided in ORS 286A.025 (Issuance and sale of bonds) (2)(g). [2011 c.699 §4; 2017 c.9 §6]

Source: Section 286A.802 — Article XI-P Bond Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.200 — OR Code / Title 27 / Chapter 286a / Section 286a.200
286A.200 Administration of certain bond programs by Oregon Department of Administrative Services
Status: in_force

(1) The Oregon Department of Administrative Services may, with respect to bonds described in subsection (2) of this section, administer bond programs and the transfer or disbursement of bond proceeds through intergovernmental agreements or grant or loan agreements containing terms and conditions the department determines are necessary or advisable to:

(a) Protect any tax benefit related to the bonds;

(b) Protect the State of Oregon from liability due to the failure of grantees or borrowers to comply with legal requirements related to the bonds, including requirements under the Internal Revenue Code;

(c) Ensure that bond proceeds are used for authorized or intended purposes;

(d) Ensure that adequate funds will be available for repayment of the bonds; or

(e) Ensure compliance with state and federal law.

(2) The department may exercise powers authorized under subsection (1) of this section with respect to:

(a) Bonds issued under ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) (lottery bonds);

(b) Bonds issued under ORS 286A.710 (Definitions for ORS 286A.710 to 286A.720) to 286A.720 (Payment of bond-related costs) and Article XI-D of the Oregon Constitution (state power development);

(c) Bonds issued under ORS 286A.760 (Definitions for ORS 286A.760 to 286A.772) to 286A.772 (Payment of bond-related costs) and Article XI-M of the Oregon Constitution (seismic rehabilitation of public education buildings);

(d) Bonds issued under ORS 286A.780 (Definitions for ORS 286A.780 to 286A.792) to 286A.792 (Payment of bond-related costs) and Article XI-N of the Oregon Constitution (seismic rehabilitation of emergency services buildings);

(e) Bonds issued under ORS 286A.796 (Definitions for ORS 286A.796 to 286A.806) to 286A.806 (School Capital Matching Fund) and Article XI-P of the Oregon Constitution (school district capital costs);

(f) Bonds issued under ORS 286A.816 (Definitions for ORS 286A.816 to 286A.826) to 286A.826 (Budgeting for Article XI-Q project costs) and Article XI-Q of the Oregon Constitution (property owned or operated by state); and

(g) Bonds issued under ORS 286A.830 (Definitions for ORS 286A.830 to 286A.863) to 286A.863 (Rules) and Article XI-F(1) or Article XI-G of the Oregon Constitution (higher education). [2017 c.9 §5]

Source: Section 286A.200 — Administration of certain bond programs by Oregon Department of Administrative Services , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.632 — OR Code / Title 27 / Chapter 287a / Section 287a.632
287A.632 Meetings
Status: in_force

(1) The Oregon Municipal Debt Advisory Commission shall meet:

(a) At the call of the chairperson; or

(b) At the request of:

(A) A majority of the members;

(B) The State Treasurer; or

(C) The Governor.

(2) A majority of all members of the advisory commission constitutes a quorum for the transaction of business.

(3) The office of the State Treasurer shall provide the commission with administrative and clerical assistance required by the commission. [Formerly 287.032]

Source: Section 287A.632 — Meetings; quorum; personnel , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 287a.140 — OR Code / Title 27 / Chapter 287a / Section 287a.140
287A.140 Ad valorem tax levy to pay general obligation bonds
Status: in_force

(1) In addition to other taxes imposed, a public body shall levy annually an ad valorem property tax on the taxable property within the boundaries of the public body in an amount that is sufficient, when added to other amounts available, to pay the principal of and interest on outstanding general obligation bonds issued by the public body.

(2) A public body may:

(a) Use the revenues from a levy under this section and earnings on the revenues only to pay the principal of and interest on general obligation bonds.

(b) Not use or divert taxes levied under subsection (1) of this section for another purpose while principal or interest remains unpaid on the bonds.

(c) If a surplus amount remains after the principal of and interest on an issue of general obligation bonds have been paid and the public body does not have other expenses related to the bonds, transfer the surplus moneys to a fund designated by the governing body of the public body.

(3) Revenues from a levy by a public body pursuant to this section and earnings on the revenues are pledged as security for payment of the principal of and interest on general obligation bonds of the public body.

(4) A pledge under this section has the effect of a pledge under ORS 287A.310 (Definitions for ORS 287A.310 and 287A.315) . [2007 c.783 §67; 2015 c.53 §1]

Source: Section 287A.140 — Ad valorem tax levy to pay general obligation bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.578 — OR Code / Title 27 / Chapter 286a / Section 286a.578
286A.578 Litigation challenging legality of Oregon State Lottery
Status: in_force

(1) Lottery bonds may be issued pursuant to ORS 286A.580 (Issuance of lottery bonds) without regard to any litigation challenging the legality of the Oregon State Lottery. Lottery bonds issued pursuant to ORS 286A.580 (Issuance of lottery bonds) are valid and binding obligations of the State of Oregon that are payable only from amounts pledged under ORS 286A.580 (Issuance of lottery bonds) (7) or from appropriated funds, even if the Oregon State Lottery is partially or wholly invalidated. In the event the lottery is invalidated, the Oregon Department of Administrative Services shall request the Legislative Assembly or, if the Legislative Assembly is not in session, the Emergency Board to provide appropriated funds pursuant to ORS 286A.580 (Issuance of lottery bonds) (6).

(2) By enacting this section, the Legislative Assembly acknowledges its current intention to provide appropriated funds if amounts are certified by the Director of the Oregon Department of Administrative Services under ORS 286A.580 (Issuance of lottery bonds) , but the Legislative Assembly or the Emergency Board does not have a legal obligation to provide appropriated funds. [Formerly 286.578]

Source: Section 286A.578 — Litigation challenging legality of Oregon State Lottery , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.630 — OR Code / Title 27 / Chapter 287a / Section 287a.630
287A.630 Oregon Municipal Debt Advisory Commission
Status: in_force

(1) The Oregon Municipal Debt Advisory Commission is hereby created, consisting of the following seven members:

(a) The State Treasurer or the State Treasurer’s designee.

(b) Three public body finance officers appointed by the Governor:

(A) One of whom is an individual recommended by the Association of Oregon Counties.

(B) One of whom is an individual recommended by the League of Oregon Cities.

(C) One of whom is an individual recommended by the Oregon School Boards Association.

(c) One representative of special districts appointed by the Governor.

(d) Two public members not represented in the other categories of appointment, appointed by the Governor.

(2) The term of office of an appointed member is four years, but appointed members serve at the pleasure of the Governor. A member is eligible for reappointment for no more than one additional term.

(3) Before the expiration of the term of an appointed member, the Governor shall appoint a successor to assume the duties of the member on July 1 next following. In case of a vacancy for any cause, the Governor shall make an appointment to become effective immediately for the unexpired term.

(4) The Governor shall designate one of the appointed members to serve a one-year term as chairperson, subject to reappointment.

(5) Appointed members of the commission are entitled to compensation and expenses as provided in ORS 292.495 (Compensation and expenses of members of state boards and commissions) . [Formerly 287.030]

Source: Section 287A.630 — Oregon Municipal Debt Advisory Commission; creation; term; compensation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 287a.474 — OR Code / Title 27 / Chapter 287a / Section 287a.474
287A.474 Warrants and checks more than two years old
Status: in_force

(1) The county fiscal officer shall prepare a report of all warrants and checks issued more than two years prior to July 1 of that year that have not been paid, pursuant to ORS 98.352 (Report of abandoned property) .

(2) The lawful owner of any warrant or check included in any list referred to in subsection (1) of this section, not presented to the county treasurer for payment and not paid, thereafter may file a claim with the State Treasurer in the manner provided by ORS 98.392 (Claiming unclaimed property) and 98.396 (Determination of claim) . [Formerly 287.454; 2019 c.678 §60]

Source: Section 287A.474 — Warrants and checks more than two years old; report by fiscal officer; claim by owner , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 287a.360 — OR Code / Title 27 / Chapter 287a / Section 287a.360
287A.360 Current refunding bonds
Status: in_force

(1) In addition to any other authority to issue refunding bonds, a public body may issue current refunding bonds to refund or purchase its outstanding bonds.

(2) A public body may secure current refunding bonds with any of the revenues and covenants that the public body could have used to secure the refunded or purchased bonds under the law in effect when the refunded or purchased bonds were issued and with revenues and covenants that the public body could have used to secure the refunded or purchased bonds if the laws that are in effect when the current refunding bonds are issued were in effect when the refunded or purchased bonds were issued.

(3) A public body may authorize current refunding bonds by resolution or ordinance without complying with the procedural requirements that applied to the refunded or purchased bonds, including issuing:

(a) General obligation bonds to refund or purchase outstanding general obligation bonds without obtaining approval of the electors of the public body.

(b) Revenue bonds to refund or purchase revenue bonds that were issued in accordance with ORS 287A.150 (Authority of public body to issue revenue bonds) without complying with the procedures prescribed in ORS 287A.150 (Authority of public body to issue revenue bonds) .

(4) The maturities of current refunding bonds authorized by this section may not exceed by more than six months:

(a) Maturity limits that were established by the electors for the refunded or purchased bonds; and

(b) A maturity limit imposed by a provision of a constitution, charter or statute that applied to the refunded or purchased bonds, if the provision imposing the limit is in effect when the current refunding bonds are issued. [2007 c.783 §54; 2009 c.538 §9; 2011 c.256 §1]

Source: Section 287A.360 — Current refunding bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.010 — OR Code / Title 27 / Chapter 286a / Section 286a.010
286A.010 Information required by State Treasurer
Status: in_force

A related agency shall, at the direction of the State Treasurer, provide the State Treasurer with:

(1) The information that the State Treasurer considers necessary to determine whether to issue the requested bonds, including assumptions underlying cash flow projections associated with the repayment of the bonds; and

(2) After the requested bonds are issued, the information that the State Treasurer considers necessary to:

(a) Administer the bonds; and

(b) Comply with federal and state securities law and bond covenants. [2007 c.783 §4]

Source: Section 286A.010 — Information required by State Treasurer , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.798 — OR Code / Title 27 / Chapter 286a / Section 286a.798
286A.798 Authority of State Treasurer to issue bonds
Status: in_force

(1) In accordance with the applicable provisions of ORS chapter 286A, the State Treasurer, with the concurrence of the Superintendent of Public Instruction, may issue Article XI-P bonds:

(a) At the request of the Director of the Oregon Department of Administrative Services for the purposes specified in Article XI-P of the Oregon Constitution, plus an amount determined by the State Treasurer to pay estimated bond-related costs; and

(b) Subject to the budget authorization for bond issuance established under ORS 286A.035 (Bond budget authorization) for the Department of Education for the biennium.

(2) The State Treasurer may issue Article XI-P bonds for the purpose of refunding Article XI-P bonds.

(3) The net proceeds of Article XI-P bonds must be deposited in the School Capital Matching Fund established under ORS 286A.806 (School Capital Matching Fund) as described in section 4, Article XI-P of the Oregon Constitution.

(4) If at any time the superintendent determines that the net proceeds of Article XI-P bonds deposited in the School Capital Matching Fund pursuant to subsection (3) of this section exceed the amount necessary for the purposes described in subsection (1)(a) of this section and the budget authorization, the superintendent, in consultation with the Oregon Department of Administrative Services, may transfer the excess amount to the Article XI-P Bond Fund established under ORS 286A.802 (Article XI-P Bond Fund) or the Article XI-P Bond Administration Fund established under ORS 286A.804 (Article XI-P Bond Administration Fund) .

(5) Article XI-P bonds are a general obligation of the State of Oregon and must contain a direct promise on behalf of the State of Oregon to pay the principal of, the interest on and the premium, if any, on the Article XI-P bonds. The State of Oregon shall pledge its full faith and credit and taxing power to the payment of the principal of, the interest on and the premium, if any, on Article XI-P bonds, except that the ad valorem taxing power of the State of Oregon may not be pledged to pay Article XI-P bonds. [2011 c.699 §2; 2017 c.9 §21]

Source: Section 286A.798 — Authority of State Treasurer to issue bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.796 — OR Code / Title 27 / Chapter 286a / Section 286a.796
286A.796 Definitions for ORS 286A.796 to 286A.806
Status: in_force

As used in ORS 286A.796 (Definitions for ORS 286A.796 to 286A.806) to 286A.806 (School Capital Matching Fund) :

(1) “Article XI-P bonds” means general obligation bonds issued under the authority of Article XI-P of the Oregon Constitution.

(2) “Bond-related costs” means:

(a) The costs of paying the principal of, the interest on and the premium, if any, on Article XI-P bonds.

(b) The costs and expenses of issuing, administering and maintaining Article XI-P bonds including, but not limited to, the costs and expenses of:

(A) Redeeming Article XI-P bonds.

(B) Paying amounts due in connection with credit enhancement devices or agreements for exchange of interest rates.

(C) Paying the fees, administrative costs and expenses of the State Treasurer, the Oregon Department of Administrative Services and the Department of Education, including the costs of consultants or advisors retained by the State Treasurer, the Oregon Department of Administrative Services or the Department of Education for the Article XI-P bonds.

(c) The costs of funding reserves for the Article XI-P bonds.

(d) Capitalized interest for the Article XI-P bonds.

(e) Rebates or penalties due to the United States in connection with the Article XI-P bonds.

(f) Any other costs or expenses that the State Treasurer, the Oregon Department of Administrative Services or the Department of Education determines are necessary or desirable in connection with issuing and maintaining the Article XI-P bonds.

(3) “Capital costs” means costs of land and of other assets having a useful life of more than one year, including costs associated with acquisition, construction, improvement, remodeling, furnishing, equipping, maintenance or repair. [2011 c.699 §1]

Source: Section 286A.796 — Definitions for ORS 286A.796 to 286A.806 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.145 — OR Code / Title 27 / Chapter 287a / Section 287a.145
287A.145 Misspent proceeds of general obligation bonds
Status: in_force

(1) If a court of competent jurisdiction determines that the proceeds of an issue of general obligation bonds have been used by a public body for expenditures that are not capital costs permitted by Article XI, section 11L, of the Oregon Constitution, or that are not costs of capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution, the court may order the public body to:

(a) Replace the misspent proceeds with interest, on a reasonable schedule determined by the court, from moneys other than the tax revenues that the public body levies to pay the debt service; and

(b) Use the replaced moneys, as appropriate, for capital costs, for the costs of capital construction or capital improvements or to pay the debt service.

(2) If the public body fails to comply with an order to replace the misspent proceeds or acknowledges that the public body is unable to replace the misspent proceeds, the court may determine that a portion of the future levies to pay the debt service is subject to the limits of Article XI, sections 11 and 11b, of the Oregon Constitution, by calculating the amount of the tax revenues that are necessary to pay the principal and interest on the bonds that is allocable to the misspent proceeds.

(3) An action may not be filed or maintained against a public body because of an alleged expenditure of the bond proceeds of general obligation bonds for purposes other than capital costs, capital construction or capital improvements, if the misspent moneys are less than $5,000. [2007 c.783 §66; 2013 c.491 §5]

Note: Section 1, chapter 684, Oregon Laws 2013, provides:

Sec. 1. (1) A change in the use of facilities that were constructed, in whole or in part, with net proceeds of general obligation bonds of a county does not cause the expenditure of the net proceeds to be an improper expenditure of bond proceeds for which a court may issue an order described in ORS 287A.145 (Misspent proceeds of general obligation bonds) if:

(a) The general obligation bonds were approved at an election conducted on May 21, 1996; and

(b) The bond proceeds were spent for purposes allowed by the ballot measure authorizing the bonds and by Article XI, sections 11 and 11b, of the Oregon Constitution.

(2) The change in the use of facilities described in subsection (1) of this section does not affect any authority the county may have to impose taxes outside the limitations imposed by Article XI, sections 11 and 11b, of the Oregon Constitution, for the original bonds or bonds issued to refund the original bonds.

(3) The county shall use any revenue from the change in the use of facilities to reduce the taxes imposed to pay bond-related costs. [2013 c.684 §1]

Source: Section 287A.145 — Misspent proceeds of general obligation bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.573 — OR Code / Title 27 / Chapter 286a / Section 286a.573
286A.573 Lottery Bond Administrative Fund
Status: in_force

The Lottery Bond Administrative Fund is established in the State Treasury, separate and distinct from the General Fund. The amounts of unobligated net lottery proceeds specified in ORS 286A.576 (Allocation of lottery moneys for lottery bonds) (2)(c), the proceeds of any lottery bonds issued to pay bond-related costs and the investment earnings on amounts in the Lottery Bond Administrative Fund shall be credited to the Lottery Bond Administrative Fund. All moneys credited from time to time to the Lottery Bond Administrative Fund, including any investment earnings thereon, are appropriated continuously to the Oregon Department of Administrative Services only for payment of bond-related costs. Amounts in the Lottery Bond Administrative Fund shall be disbursed upon the written request of the Director of the Oregon Department of Administrative Services. [Formerly 286.573]

Source: Section 286A.573 — Lottery Bond Administrative Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.375 — OR Code / Title 27 / Chapter 287a / Section 287a.375
287A.375 Maximum amount of advance refunding bonds
Status: in_force

(1) As used in this section, “government obligations” means:

(a) Direct obligations of the United States of America or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America and bank certificates of deposit secured by the obligations;

(b) Bonds, debentures, notes, certificates of participation or other obligations issued by a federal agency or other instrumentality of the federal government; or

(c) Other debt obligations determined by administrative rule of the State Treasurer to be highly secured and widely accepted in the marketplace as obligations for a defeasance escrow.

(2) A public body may not issue advance refunding bonds in a principal amount in excess of the minimum principal amount that is estimated at the time of sale to be necessary:

(a) To purchase a principal amount of government obligations that is, together with the interest earnings thereon, sufficient to pay the installments of principal, interest and redemption premiums, if any, on the bonds being refunded when due in accordance with the advance refunding plan; and

(b) To pay all costs in connection with issuing the advance refunding bonds and obtaining credit enhancement devices.

(3) If the public body that issues advance refunding bonds receives an amount of proceeds that exceeds the actual amount required under subsection (2) of this section, the public body must use the excess amount of proceeds to pay interest on the advance refunding bonds.

(4) Before applying advance refunding bond proceeds to the purposes for which the refunding bonds have been issued, a public body may invest advance refunding bond proceeds, together with other moneys set aside for the payment of the bonds to be refunded, only in government obligations.

(5) The public body shall make investments pursuant to subsection (4) of this section at times and in a manner required to provide funds sufficient to pay principal, interest and redemption premiums, if any, in accordance with the advance refunding plan. [2007 c.783 §57]

Source: Section 287A.375 — Maximum amount of advance refunding bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.730 — OR Code / Title 27 / Chapter 286a / Section 286a.730
286A.730 Definitions for ORS 286A.730 to 286A.750
Status: in_force

As used in ORS 286A.730 (Definitions for ORS 286A.730 to 286A.750) to 286A.750 (Terms and conditions of pension liability bonds) , unless the context requires otherwise:

(1) “Article XI-O bonds” means general obligation bonds or other general obligation indebtedness issued or incurred under the authority of Article XI-O of the Oregon Constitution.

(2) “Bond administration fund” means the Article XI-O Bond Administration Fund established under ORS 286A.745 (Article XI-O Bond Administration Fund) .

(3) “Bond fund” means the Article XI-O Bond Fund established under ORS 286A.740 (Article XI-O Bond Fund) .

(4) “Bond-related costs” means:

(a) The costs of paying the principal of, the interest on and the premium, if any, on Article XI-O bonds;

(b) The costs and expenses of issuing, administering and maintaining Article XI-O bonds including, but not limited to, redeeming Article XI-O bonds, paying amounts due in connection with bond insurance, other credit enhancements or the administrative costs and expenses of the State Treasurer and the Oregon Department of Administrative Services, including costs of consultants or advisors retained by the State Treasurer or the Oregon Department of Administrative Services for the purpose of issuing, administering or maintaining Article XI-O bonds;

(c) Capitalized interest on Article XI-O bonds;

(d) Costs of funding reserves for Article XI-O bonds, including costs of surety bonds and similar instruments;

(e) Rebates or penalties due the United States Government in connection with Article XI-O bonds; and

(f) Other costs or expenses that the State Treasurer or the Director of the Oregon Department of Administrative Services determines are necessary or desirable in connection with issuing, administering or maintaining Article XI-O bonds.

(5) “State agency” means a state officer, board, commission, corporation, institution, department or other state organization that has officers or employees participating in the Public Employees Retirement System. [Formerly 286.730]

Source: Section 286A.730 — Definitions for ORS 286A.730 to 286A.750 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.605 — OR Code / Title 27 / Chapter 286a / Section 286a.605
286A.605 Definitions for ORS 286A.605 to 286A.625
Status: in_force

As used in ORS 286A.605 (Definitions for ORS 286A.605 to 286A.625) to 286A.625 (State Treasurer to maintain records) :

(1) “Issuer” means an entity that may issue private activity bonds that are qualified bonds on which the interest is exempt from federal taxation.

(2) “Private activity bonds” has the meaning given in section 141 of the Internal Revenue Code. [Formerly 286.605]

Source: Section 286A.605 — Definitions for ORS 286A.605 to 286A.625 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.016 — OR Code / Title 27 / Chapter 286a / Section 286a.016
286A.016 Disposition of charges
Status: in_force

All moneys received under ORS 286A.014 (Fees and expenses of State Treasurer) and 287A.634 (Powers and duties of commission) shall be deposited in the Miscellaneous Receipts Account established in the General Fund for the State Treasurer. The State Treasurer may use moneys in the account for payment of expenses of the State Treasurer in connection with bonds of the State of Oregon or a public body as defined in ORS 287A.001 (Definitions for ORS chapter 287A) . [Formerly 286.025]

Source: Section 286A.016 — Disposition of charges , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.716 — OR Code / Title 27 / Chapter 286a / Section 286a.716
286A.716 Article XI-D Bond Administration Fund
Status: in_force

(1) The Article XI-D Bond Administration Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the bond administration fund may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) , and interest earned on the bond administration fund must be credited to the bond administration fund. Amounts credited to the bond administration fund are continuously appropriated to the Oregon Department of Administrative Services for payment of bond-related costs. The department shall credit to the bond administration fund:

(a) Proceeds of Article XI-D bonds that were issued to pay bond-related costs;

(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the bond administration fund; and

(c) Amounts transferred from the Renewable Energy Fund by the State Department of Energy as provided in ORS 286A.718 (Renewable Energy Fund) .

(2) The department may create separate accounts in the bond administration fund. [2009 c.893 §5]

Source: Section 286A.716 — Article XI-D Bond Administration Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).