ORS § 289.005 — OR Code / Title 27 / Chapter 289 / Section 289.005
289.005 Definitions for ORS chapter 289
Status: in_force

(1) As used in this chapter, unless the context requires otherwise:

(a) “Authority” means the Oregon Facilities Authority created by this chapter.

(b) “Bonds” or “revenue bonds” means revenue bonds, as defined in ORS 286A.001 (Definitions for ORS chapter 286A) .

(c) “Cost” means the cost of:

(A) Construction, acquisition, alteration, enlargement, reconstruction and remodeling of a project, including all lands, structures, real or personal property, rights, rights of way, air rights, franchises, easements and interests acquired or used for or in connection with a project;

(B) Demolition or removal of buildings or structures on land as acquired, including the cost of acquiring lands to which the buildings or structures may be moved;

(C) All machinery and equipment;

(D) Financing charges, interest prior to, during and for a period after completion of construction and acquisition, reasonably required amounts to make the project operational, provisions for reserves for principal and interest and for extensions, enlargements, additions, replacements, renovations and improvements;

(E) Architectural, actuarial engineering, financial and legal services, plans specifications, studies, surveys, estimates of costs and of revenues, administrative expenses, expenses necessary or incident to determining the feasibility or practicability of constructing the project;

(F) Management, operation or funding of a qualified program; and

(G) Other expenses that are necessary or incident to a project, the financing of the project or the placing of the project in operation.

(d) “Cultural institution” means a public or nonprofit institution within this state which engages in the cultural, intellectual, scientific, environmental, educational or artistic enrichment of the people of this state. “Cultural institution” includes, without limitation, aquaria, botanical societies, historical societies, land conservation organizations, libraries, museums, performing arts associations or societies, scientific societies, wildlife conservation organizations and zoological societies. “Cultural institution” does not mean any school or any institution primarily engaged in religious or sectarian activities.

(e) “Health care institution” means a public or nonprofit organization within this state that provides health care and related services, including but not limited to the provision of inpatient and outpatient care, diagnostic or therapeutic services, laboratory services, medicinal drugs, nursing care, assisted living, elderly care and housing, including retirement communities, and equipment used or useful for the provision of health care and related services.

(f) “Housing institution” means a public or nonprofit organization within this state that provides decent, affordable housing to low-income persons.

(g) “Institution” means a cultural institution, a health care institution, a housing institution, an institution for higher education, an institution for prekindergarten through grade 12 education, a school for persons with disabilities or another nonprofit.

(h) “Institution for higher education” means a public or nonprofit educational institution within this state authorized by law to provide a program of education beyond the high school level, including community colleges and associate degree granting institutions. “Institution for higher education” does not mean any school or any institution primarily engaged in religious or sectarian activities.

(i) “Institution for prekindergarten through grade 12 education” means a provider under the Oregon Prenatal to Kindergarten Program as defined in ORS 329.175 (Oregon Prenatal to Kindergarten Program) , a public educational institution within this state authorized by law to provide a program of education for kindergarten through grade 12 or a nonprofit educational institution within this state that provides a program of education for prekindergarten through grade 12 as a private school. “Institution for prekindergarten through grade 12 education” does not mean a school or institution primarily engaged in religious or sectarian activities.

(j) “Nonprofit” means an institution, organization or entity within this state exempt from taxation under section 501(c)(3) of the Internal Revenue Code as defined in ORS 314.011 (Definitions) .

(k) Intentionally left blank —Ed.

(A) “Project” means the financing or refinancing of the costs, including, without limitation, acquisition, construction, enlargement, remodeling, renovation, improvement, furnishing and equipping, of the following:

(i) In the case of a participating institution that is an institution for higher education, an institution for prekindergarten through grade 12 education or a school for persons with disabilities, a structure, within this state or outside this state, that is suitable for use as a dormitory or other multiunit housing facility for students, faculty, officers or employees, or a dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletic facility, health care facility, maintenance, storage or utility facility and other structures or facilities, within this state or outside this state, that are related to any of the structures required or used for the instruction of students, the conducting of research or the operation of an institution for higher education, an institution for prekindergarten through grade 12 education or a school for persons with disabilities. A project defined in this sub-subparagraph includes landscaping, site preparation, furniture, equipment and machinery and other similar items necessary or convenient for the operation of a particular facility or structure in the manner for which its use is intended and also includes any furnishings, equipment, machinery and other similar items necessary or convenient for the operation of an institution of higher education, an institution for prekindergarten through grade 12 education or a school for persons with disabilities, whether or not the items are related to a particular facility or structure financed under this chapter.

(ii) In the case of a participating institution that is a housing institution, a structure, within this state or outside this state, that is suitable for use as housing, including residences or multiunit housing facilities, administration buildings, maintenance, storage or utility facilities and other structures or facilities, within this state or outside this state, that are related to any of the structures required or used for the operation of the housing, including parking and other facilities or structures essential or convenient for the orderly provision of the housing. A project defined in this sub-subparagraph includes landscaping, site preparation, furniture, equipment and machinery and other similar items necessary or convenient for the particular housing facility or structure in the manner for which its use is intended and also includes any furnishings, equipment, machinery and other similar items necessary or convenient for the provision of housing, whether or not the items are related to a particular facility or structure financed under this chapter.

(iii) In the case of a participating institution that is a cultural institution, a structure, within this state or outside this state, that is suitable for the institution’s purposes, whether or not to be used to provide educational services, or research resources, including use as or in connection with an administrative facility, aquarium, assembly hall, auditorium, botanical garden, exhibition hall, gallery, greenhouse, library, museum, scientific laboratory, theater or zoological facility. A project defined in this sub-subparagraph includes supporting facilities, landscaping, site preparation, furniture, equipment, machinery and other similar items necessary or convenient for the operation of a cultural institution, whether or not the items are related to a particular facility or structure financed under this chapter, including books, works of art or other items for display or exhibition.

(iv) In the case of a participating institution that is a health care institution, a structure, within this state or outside this state, that is suitable for the institution’s purposes, including hospital facilities, inpatient and outpatient clinics, doctors’ offices, administration buildings, parking, maintenance, storage or utility facilities, nursing care or assisted living facilities, elderly care and housing facilities, including retirement communities, and other structures or facilities, within this state or outside this state, that are related to any of the structures required or used for the operation of the health care institution, including other facilities or structures essential or convenient for the orderly provision of the health care. A project defined in this sub-subparagraph includes landscaping, site preparation, furniture, equipment and machinery and other similar items necessary or convenient for the particular health care facility or structure in the manner for which its use is intended and also includes any working capital, furnishings, equipment, machinery and other similar items necessary or convenient for the provision of health care, whether or not the items are related to a particular facility or structure financed under this chapter.

(v) In the case of a participating institution that is a nonprofit not otherwise specified in this paragraph, a structure, within this state or outside this state, that is suitable for the institution’s purposes, including facilities or structures essential or convenient for the orderly operations of the nonprofit. A project defined in this sub-subparagraph includes acquisition of interests in land, landscaping, site preparation, furniture, equipment and machinery and other similar items necessary or convenient for the nonprofit, whether or not the items are related to a particular facility or structure financed under this chapter, including borrowings needed to alleviate interim cash flow deficits of the nonprofit.

(vi) In the case of a participating institution, costs to manage, operate or fund a qualified program or costs to alleviate interim cash flow deficits of the institution.

(B) “Project” also includes any combination of one or more of the projects undertaken jointly by one or more participating institutions with each other or with other parties.

(C) “Project” does not include the financing or refinancing of the costs of a facility used or to be used for sectarian instruction or as a place of religious worship or any facility which is used or to be used primarily in connection with any part of the program of a school or department of divinity for any religious denomination.

(L) “Qualified program” means a financing program, or other activities, of a participating institution that is eligible for financing through the issuance of revenue bonds the interest on which is:

(A) Excluded from gross income for federal income tax purposes; or

(B) Eligible for a federal tax credit or subsidy under the Internal Revenue Code.

(m) “School for persons with disabilities” means a public or nonprofit primary, secondary or post-secondary school within this state or outside this state that serves students at least 70 percent of whom are persons with disabilities as determined by one or more appropriate education, rehabilitation, medical or mental health authorities, is accredited by a recognized accrediting body and is determined by the authority to be a major resource of benefit to persons with disabilities. “School for persons with disabilities” does not mean any school or any institution primarily engaged in religious or sectarian activities.

(2) As used in subsection (1) of this section in relation to an institution, “within this state” means that the institution:

(a) Maintains its headquarters, principal office or primary place of business in the State of Oregon;

(b) Owns or operates one or more facilities in the State of Oregon at which it conducts operations in furtherance of its institutional mission; or

(c) Is owned or controlled by, or affiliated under common ownership with, an institution described in paragraph (a) or (b) of this subsection.

(3) As used in subsection (1) of this section in relation to a project, “within this state” means that:

(a) A structure to be financed will be located in the State of Oregon; or

(b) A structure to be financed will be financed for the primary benefit of an institution within this state. [1989 c.820 §2; 1991 c.408 §1; 2001 c.270 §1; 2007 c.70 §74; 2007 c.783 §113; 2007 c.785 §1; 2010 c.3 §1; 2011 c.301 §2; 2015 c.548 §1; 2023 c.547 §3]

Note: Section 1a, chapter 548, Oregon Laws 2015, provides:

Sec. 1a. The removal of the words “or structures” from the phrase “structure or structures” by the amendments to ORS 289.005 (Definitions for ORS chapter 289) by section 1, chapter 548, Oregon Laws 2015:

(1) Does not prohibit the financing of more than one structure;

(2) Does not limit the effect of, and is subject to construction under, ORS 174.127 (Singular or plural number) , under which the singular may include the plural and the plural may include the singular; and

(3) Conforms the language to the form and style requirements of the Legislative Assembly. [2015 c.548 §1a; 2016 c.88 §16; 2019 c.13 §40]

Source: Section 289.005 — Definitions for ORS chapter 289 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 287a.310 — OR Code / Title 27 / Chapter 287a / Section 287a.310
287A.310 Definitions for ORS 287A.310 and 287A.315
Status: in_force

(1) As used in this section and ORS 287A.315 (Pledge of full faith and credit and taxing power) :

(a) “Obligation” means:

(A) A bond;

(B) The commitment of a public body in connection with a credit enhancement device; or

(C) An agreement for exchange of interest rates.

(b) “Property” means:

(A) Real or personal property, tangible or intangible, whether owned when a pledge is made or acquired subsequently to the time the pledge is made; and

(B) Revenues, contract rights, receivables or securities.

(2) The Uniform Commercial Code does not apply to the creation, perfection, priority or enforcement of a lien of a pledge made by a public body.

(3) When otherwise authorized by statute, charter, ordinance or resolution to issue bonds, a public body may pledge as security for payment of obligations all or part of the property of the public body expressly authorized to be pledged by the governing body of the public body.

(4) The lien created by a pledge 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.

(5) 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.

(6) When property subject to a pledge is acquired by a public body after the pledge is made:

(a) The property is subject to the lien upon acquisition by the public body without physical delivery, filing or any other act.

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

(7) A public body may reserve a right to pledge a pledged property as security for bonds subsequently issued by the public body. If the public body reserves the right, subject to the terms of the operative document that created a 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 all other claims and liens 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.

(8) 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.

(9) When pledged property consists of moneys or property that is in a fund for debt service reserves or payments, a pledgee may foreclose the lien of the pledge by applying the moneys or property in the fund to the payment of the bonds subject to the terms, conditions and limitations in the operative document. [2007 c.783 §50]

Source: Section 287A.310 — Definitions for ORS 287A.310 and 287A.315; lien of a pledge; Uniform Commercial Code , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.255 — OR Code / Title 27 / Chapter 286a / Section 286a.255
286A.255 Functions and duties of commission
Status: in_force

The State Debt Policy Advisory Commission shall advise the Governor and the Legislative Assembly regarding policies and actions that enhance and preserve the state’s credit rating and maintain the future availability of low-cost capital financing. In carrying out this function, the commission shall at least annually prepare a report showing the consolidated bond profile of this state. The report must include:

(1) The total amount of outstanding bonds for the most recently concluded fiscal year.

(2) A forecast for at least the next six years of the state’s borrowing capacity targets by repayment source that is based on the policies and actions established under this section and that is consistent with the most recently published revenue forecast by the Oregon Department of Administrative Services.

(3) A calculation of the state’s net remaining borrowing capacity by repayment source. [Formerly 286.555; 2015 c.40 §2]

Note: See note under 286A.250 (State Debt Policy Advisory Commission) .

Source: Section 286A.255 — Functions and duties of commission , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.816 — OR Code / Title 27 / Chapter 286a / Section 286a.816
286A.816 Definitions for ORS 286A.816 to 286A.826
Status: in_force

As used in ORS 286A.816 (Definitions for ORS 286A.816 to 286A.826) to 286A.826 (Budgeting for Article XI-Q project costs) :

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

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

(A) Redeeming Article XI-Q 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 or the project agency, including the costs of consultants or advisers retained by the State Treasurer, the department or the project agency.

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

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

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

(f) Any other costs or expenses that the State Treasurer, the department or the project agency determines are necessary or desirable in connection with issuing and maintaining the Article XI-Q bonds.

(3) “Project agency” means a state agency that administers a project that is financed with Article XI-Q bond proceeds. [2011 c.14 §2]

Source: Section 286A.816 — Definitions for ORS 286A.816 to 286A.826 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 289.250 — OR Code / Title 27 / Chapter 289 / Section 289.250
289.250 Limitation on income tax exemption for interest on revenue bonds
Status: in_force

(1) As used in this section, “within the State of Oregon” has the meaning given the term “within this state” in ORS 289.005 (Definitions for ORS chapter 289) .

(2) Interest on revenue bonds issued by the State Treasurer under the authority of this chapter is exempt from personal income tax under ORS chapter 316 only to the extent that the structure financed with the proceeds of the revenue bonds is located within the State of Oregon. [2015 c.548 §3]

Source: Section 289.250 — Limitation on income tax exemption for interest on revenue bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 287a.180 — OR Code / Title 27 / Chapter 287a / Section 287a.180
287A.180 Short-term borrowing by public body
Status: in_force

(1) In addition to any other authority to issue revenue bonds, but subject to applicable limitations imposed by the Oregon Constitution or the charter or ordinance of the public body, a public body may issue revenue bonds pursuant to this section:

(a) In anticipation of tax revenues or other moneys;

(b) To provide interim financing for capital projects to be undertaken by the public body; or

(c) To refund revenue bonds issued pursuant to this section.

(2) To secure revenue bonds authorized under this section, a public body may:

(a) Pledge all or part of the revenues of the public body that may lawfully be used to secure payment of the revenue bonds.

(b) Obtain credit enhancement devices for the revenue bonds authorized by this section.

(c) Establish debt service reserves.

(d) Enter into covenants, by ordinance, resolution or agreement, for the protection and security of the owners of revenue bonds authorized by this section. The covenants constitute enforceable contracts with the owners of the revenue bonds.

(3) Revenue bonds authorized by this section that are issued in anticipation of revenues and revenue bonds issued under subsection (1)(c) of this section:

(a) Must mature within 13 months after they are issued; and

(b) May not be issued in a principal amount that exceeds 80 percent of the taxes or other revenues, except grant moneys, that the public body has budgeted or otherwise reasonably expects to have available to pay the revenue bonds.

(4) Revenue bonds authorized by this section that are issued in anticipation of grant moneys or to provide interim financing for capital projects and revenue bonds issued under subsection (1)(c) of this section must mature not later than five years after the revenue bonds are issued.

(5) The debt limitations imposed by law or the charter of a public body do not apply to revenue bonds or credit enhancement devices authorized by this section. [2007 c.783 §47]

Source: Section 287A.180 — Short-term borrowing by public body , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 289.225 — OR Code / Title 27 / Chapter 289 / Section 289.225
289.225 Sources of bond repayment restricted
Status: in_force

(1) Revenue bonds issued under this chapter shall not:

(a) Be payable from nor charged upon any funds other than the revenue pledged to the payment thereof, nor shall the state be subject to any liability thereon. No holder or holders of such bonds shall ever have the right to compel any exercise of the taxing power of the state to pay any such bonds or the interest thereon, nor to enforce payment thereof against any property of the state except those projects or portions thereof, mortgaged or otherwise encumbered under the provisions and for the purposes of this chapter.

(b) Constitute a charge, lien or encumbrance, legal or equitable, upon any property of the state, except those eligible projects, or portions thereof, mortgaged or otherwise encumbered, under the provisions and for the purposes of this chapter.

(2) Each bond issued under this chapter shall recite in substance that the bond, including interest thereon, is payable solely from the revenue pledged to the payment thereof. No such bond shall constitute a debt of the state or a lending of the credit of the state within the meaning of any constitutional or statutory limitation. However, nothing in this chapter is intended to impair the rights of holders of bonds to enforce covenants made for the security thereof as provided in ORS 289.230 (Actions by bondholders to enforce rights) . [1989 c.820 §14]

Source: Section 289.225 — Sources of bond repayment restricted; recitations in bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 289.130 — OR Code / Title 27 / Chapter 289 / Section 289.130
289.130 Oregon Facilities Authority Account
Status: in_force

The Oregon Facilities Authority Account is created separate and distinct from the General Fund. The account is an investment account for purposes of ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) . Interest on the account shall be credited to and deposited in the account. The account is continuously appropriated to the Oregon Facilities Authority and may be used to meet administrative expenses of the authority. [1989 c.820 §4a; 1991 c.408 §5; 2001 c.261 §2]

Source: Section 289.130 — Oregon Facilities Authority Account , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 287a.472 — OR Code / Title 27 / Chapter 287a / Section 287a.472
287A.472 Interest on municipal warrants not paid on presentation
Status: in_force

All warrants for payment of money issued by cities and other municipalities that are not paid upon presentation and so indorsed shall draw interest at the legal rate after such indorsements but municipalities may by proper resolution fix the rate at less than the legal rate and may make such interest payable semiannually. [Formerly 287.452]

Source: Section 287A.472 — Interest on municipal warrants not paid on presentation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 289.100 — OR Code / Title 27 / Chapter 289 / Section 289.100
289.100 Oregon Facilities Authority
Status: repealed

(1) There is created a body politic and corporate to be known as the Oregon Facilities Authority. The authority is constituted a public instrumentality, and the exercise by the authority of the powers conferred by this chapter is the performance of an essential public function.

(2) The authority consists of seven members who must be residents of this state, not more than four of whom are members of the same political party. The State Treasurer shall appoint the members, and members serve at the pleasure of the State Treasurer. At least one of the members must be an individual knowledgeable in the field of state and municipal finance. At least one of the members must be an individual knowledgeable in the building construction field.

(3) Upon the expiration of the term of a member, the State Treasurer shall appoint a successor for a term of four years.

(4) The State Treasurer shall appoint an individual to fill a vacancy for the remainder of the unexpired term. [1989 c.820 §3; 1991 c.408 §2; 2001 c.261 §1; 2007 c.785 §3]

Note: Sections 50 to 52, chapter 13, Oregon Laws 2023, provide:

Sec. 50. Section 51 of this 2023 Act is added to and made a part of ORS chapter 289. [2023 c.13 §50]

Sec. 51. Financing for certain affordable housing projects. (1) The Oregon Facilities Authority shall provide financing, including refinancing, to local governments or housing developers for predevelopment costs, including infrastructure, site acquisition, planning, reports, surveys and consultants.

(2) Financing under this section is available only for housing projects that will be subject to an affordability restriction, including an affordable housing covenant under ORS 456.270 (Definitions for ORS 456.270 to 456.295) to 456.295 (Action affecting covenant) , that:

(a) Has a term of no less than 25 years; and

(b) Requires that each dwelling unit be rented as the primary residence for a moderate income household as defined in ORS 456.270 (Definitions for ORS 456.270 to 456.295) .

(3) The financing provided by the authority under this section:

(a) May not exceed $500,000 per eligible project;

(b) Must charge interest of three percent or lower;

(c) May only be used for a project with a total cost of less than $40,000,000 or that consists of 80 or fewer residential units; and

(d) May not exceed 75 percent of the project’s total predevelopment costs unless the project will be restricted to households with incomes equal to or less than the area median income.

(4) Notwithstanding the definitions of “housing institution” and “project” under ORS 289.005 (Definitions for ORS chapter 289) , the activity of the authority under this section is an eligible project, as that term is used in this chapter [ORS chapter 289]. [2023 c.13 §51]

Sec. 52. Section 51 of this 2023 Act is repealed on January 2, 2026. [2023 c.13 §52]

Source: Section 289.100 — Oregon Facilities Authority; members; qualifications; term , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.095 — OR Code / Title 27 / Chapter 286a / Section 286a.095
286A.095 Compliance with constitutional or statutory debt limit
Status: in_force

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

(a) 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 that is secured by the credit enhancement device.

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

(c) For a zero coupon bond or other original issue 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.

(d) The state may deduct from the amount of outstanding bonds:

(A) The amount of moneys and investments held by the state or a trustee of the state to pay bonds that have not been defeased; and

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

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

(a) The state 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 state has complied with the provisions in the documents authorizing the bond that provide for the payment or defeasance of the bond. [2007 c.783 §15]

Source: Section 286A.095 — Compliance with constitutional or statutory debt limit , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.025 — OR Code / Title 27 / Chapter 286a / Section 286a.025
286A.025 Issuance and sale of bonds
Status: in_force

(1) The State Treasurer may, at the request of a related agency:

(a) Issue bonds when a law of the State of Oregon authorizes bonds to be issued; and

(b) Issue refunding bonds without additional authorization.

(2) In consultation with the related agency, the State Treasurer may:

(a) Sell bonds at a competitive sale or a negotiated sale or in any other manner determined by the State Treasurer;

(b) Issue bonds the interest of which is exempt from federal income taxation or is not exempt from federal income taxation;

(c) Establish the principal amounts, redemption provisions, optional or mandatory tender provisions, interest rates or methods for determining variable or adjustable interest rates, denominations and other terms and conditions of the bonds;

(d) Establish maturity dates for bonds to provide for short-term, interim or long-term borrowing;

(e) Determine the form and content of a bond offering or disclosure document;

(f) Structure, market and issue bonds in the manner that the State Treasurer determines is in the best interest of the people of the State of Oregon; and

(g) Invest moneys held in connection with or derived from obligations, as defined in ORS 286A.100 (Definitions for ORS 286A.100 and 286A.102) , without regard to the fund or account to which the moneys are credited under other provisions of law, alone or with other invested moneys. In addition, the State Treasurer may:

(A) Establish funds and accounts separate and distinct from the General Fund in order to invest the moneys as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) and to arrange for redemption or purchase of bonds; and

(B) Segregate or pool moneys in order to promote financial and administrative efficiency and prudence in the management of moneys derived from obligations, as defined in ORS 286A.100 (Definitions for ORS 286A.100 and 286A.102) , moneys available for bond repayment and other moneys, and in the administration of bond programs.

(3) Subject to the approval of the State Treasurer, moneys described in subsection (2)(g) of this section may be held by a trustee under a trust agreement, indenture, bond declaration or similar instrument and may be invested by the trustee at the direction of the related agency for which the moneys are held by the trustee. If consistent with the trust agreement, indenture, bond declaration or similar instrument, a related agency may authorize a trustee to invest on behalf of the agency in the investment funds or with other moneys invested by the State Treasurer under ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government) and may authorize a transfer of the moneys from the State Treasurer to the trustee.

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

(a) Execute and deliver indentures, trust agreements, auction agent agreements, broker-dealer agreements, tender agent agreements, bond declarations or similar instruments and other contracts related to the sale, issuance or security of the bonds;

(b) Deposit funds with trustees for the benefit of bond owners and the providers of credit enhancement devices; and

(c) Enter into covenants for the benefit of bond owners or the providers of credit enhancement devices.

(5) The covenants authorized by subsection (4)(c) of this section:

(a) May include, but are not limited to, covenants regarding the issuance of additional bonds, the priority of payment of bonds and, if authorized by law other than this section, the imposition and collection of rates, fees or other charges; and

(b) Are intended to:

(A) Improve the security of bond owners or providers of credit enhancement devices; or

(B) Maintain the tax-exempt status of interest payable on bonds.

(6) In addition to authority conferred by law other than this section, in consultation with the related agency, the State Treasurer may establish a debt service reserve for the purpose of paying when due the amounts owing on the bonds for which the debt service reserve is established. The debt service reserve may be funded out of the proceeds derived from the issuance and sale of the bonds for which the debt service reserve is being established or from other lawfully available funds.

(7) In consultation with the related agency, the State Treasurer shall select the underwriters for the sale of the bonds requested by the related agency. An agreement with the underwriters may be executed by the State Treasurer alone or with the related agency. An agreement with underwriters is not subject to the Public Contracting Code. [2007 c.783 §7]

Source: Section 286A.025 — Issuance and sale of bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.001 — OR Code / Title 27 / Chapter 287a / Section 287a.001
287A.001 Definitions for ORS chapter 287A
Status: in_force

As used in this chapter:

(1) “Advance refunding bond” means a bond all or part of the proceeds of which are to be used to pay an outstanding bond one year or more after the advance refunding bond is issued.

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

(a) Payments based on levels 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.

(3) Intentionally left blank —Ed.

(a) “Bond” means a contractual undertaking or instrument of a public body to repay borrowed moneys.

(b) “Bond” does not mean a credit enhancement device.

(4) “Capital construction” has the meaning given that term in ORS 310.140 (Legislative findings) .

(5) “Capital costs” has the meaning given that term in ORS 310.140 (Legislative findings) .

(6) “Capital improvements” has the meaning given that term in ORS 310.140 (Legislative findings) .

(7) Intentionally left blank —Ed.

(a) “Credit enhancement device” 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 exchange of interest rates.

(b) “Credit enhancement device” does not mean a bond.

(8) “Current refunding bond” means a bond the proceeds of which are to be used to pay or purchase an outstanding bond less than one year after the current refunding bond is issued.

(9) “Forward current refunding” means execution and delivery of a purchase agreement or similar instrument under which a public body contracts to sell current refunding bonds for delivery at a future date that is one year or more after execution of the purchase agreement or similar instrument.

(10) “General obligation bond” means exempt bonded indebtedness, as defined in ORS 310.140 (Legislative findings) , that is secured by a commitment to levy ad valorem taxes outside the limits of sections 11 and 11b, Article XI, of the Oregon Constitution.

(11) “Lawfully available funds” means revenues or other moneys of a public body including, but not limited to, moneys credited to the general fund of the public body, revenues from an ad valorem tax and revenues derived from other taxes levied by the public body that are not dedicated, restricted or obligated by law or contract to an inconsistent expenditure or use.

(12) “Operative document” means a bond declaration, trust agreement, indenture, security agreement or other document in which a public body pledges revenue or property as security for a bond.

(13) “Pledge” means:

(a) To create a lien on property pursuant to ORS 287A.140 (Ad valorem tax levy to pay general obligation bonds) .

(b) A lien on property created pursuant to ORS 287A.140 (Ad valorem tax levy to pay general obligation bonds) .

(c) To create a lien on property pursuant to ORS 287A.310 (Definitions for ORS 287A.310 and 287A.315) .

(d) A lien on property created pursuant to ORS 287A.310 (Definitions for ORS 287A.310 and 287A.315) .

(14) “Public body” means:

(a) A county of this state;

(b) A city of this state;

(c) A local service district as defined in ORS 174.116 (“Local government” and “local service district” defined) (2);

(d) A special government body as defined in ORS 174.117 (“Special government body” defined) ;

(e) Oregon Health and Science University;

(f) A public university listed in ORS 352.002 (Public universities) ; or

(g) Any other political subdivision of this state that is authorized by the Legislative Assembly to issue bonds.

(15) “Refunding bond” means an advance refunding bond, a current refunding bond or a forward current refunding bond.

(16) “Related bond” means a bond for which the public body enters into an agreement for exchange of interest rates or obtains a credit enhancement device.

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

(18) “Revenue bond” means a bond that is not a general obligation bond.

(19) “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 §42; 2009 c.537 §9; 2013 c.491 §2; 2013 c.768 §28; 2015 c.53 §2; 2015 c.767 §88]

Source: Section 287A.001 — Definitions for ORS chapter 287A , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.055 — OR Code / Title 27 / Chapter 286a / Section 286a.055
286A.055 Report by State Treasurer on amount of bonds issued, amounts repaid, costs and interest earned
Status: in_force

Within 90 days following the end of a biennium, the State Treasurer shall report in writing to the Legislative Fiscal Officer and the Legislative Revenue Officer on the amount of bonds issued by the State Treasurer under ORS 286A.045 (Borrowing for current expenses) , the amount spent in repayment of those bonds, the issuance costs and interest costs of those bonds and the interest revenues earned by the proceeds of those bonds. [Formerly 293.177]

Source: Section 286A.055 — Report by State Treasurer on amount of bonds issued, amounts repaid, costs and interest earned , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.566 — OR Code / Title 27 / Chapter 286a / Section 286a.566
286A.566 Requirements for legislation authorizing lottery bonds
Status: in_force

(1) Any legislation authorizing issuance of 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) shall:

(a) State the purposes for which the proceeds of lottery bonds may be spent;

(b) Contain findings that those uses are lawful uses of lottery revenues;

(c) Indicate the amount of lottery bonds that may be issued under the legislation;

(d) Specify the fund into which the net proceeds of those lottery bonds shall be deposited; and

(e) Provide for the payment of the bond-related costs for the lottery bonds.

(2) Unless specifically prohibited by the legislation authorizing lottery bonds:

(a) Any agency or other entity holding net proceeds of lottery bonds shall, upon the written request of the Director of the Oregon Department of Administrative Services, transfer to the Oregon Department of Administrative Services for deposit in the Lottery Bond Administrative Fund the amounts that the director states in the request are reasonably required to pay for bond-related costs that are allocable to those net proceeds.

(b) The agencies or other entities receiving proceeds of lottery bonds shall, if so directed by the Oregon Department of Administrative Services, take any action specified by the Oregon Department of Administrative Services that is necessary to maintain the excludability of lottery bond interest from gross income under the Internal Revenue Code. [Formerly 286.566]

Source: Section 286A.566 — Requirements for legislation authorizing lottery bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.050 — OR Code / Title 27 / Chapter 286a / Section 286a.050
286A.050 Short Term Borrowing Account
Status: in_force

(1) The Short Term Borrowing Account is created in the General Fund.

(2) The State Treasurer shall credit the proceeds of bonds issued by the State Treasurer under ORS 286A.045 (Borrowing for current expenses) to the Short Term Borrowing Account. The State Treasurer shall, in addition, transfer to the Short Term Borrowing Account any amounts that are pledged to pay bonds issued by the State Treasurer under ORS 286A.045 (Borrowing for current expenses) and that are required to pay those bonds.

(3) Amounts in the Short Term Borrowing Account are continuously appropriated to the respective state agencies for which the revenues that are pledged to pay the bonds were appropriated, for the purposes described in ORS 286A.045 (Borrowing for current expenses) (3)(c). Amounts appropriated under this subsection may not be taken into account in preparing budget estimates, plans or reports required to be prepared under ORS 291.201 (“Tax expenditure” defined for ORS 291.201 to 291.222) to 291.222 (Furnishing information and assistance to Governor-elect) . [Formerly 293.175]

Source: Section 286A.050 — Short Term Borrowing Account; sources; uses , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.824 — OR Code / Title 27 / Chapter 286a / Section 286a.824
286A.824 Article XI-Q bond program
Status: in_force

(1) The Oregon Department of Administrative Services shall adopt procedures under which a project agency may request:

(a) Financing for real or personal property projects that may be financed with Article XI-Q bond proceeds; or

(b) Refinancing of borrowings issued before December 2, 2010, that financed or refinanced real or personal property projects that would have been eligible for financing under Article XI-Q. The department may periodically bill any project agency for an appropriate share of the bond-related costs of the bonds issued to finance the agency’s projects or refinance the agency’s bonds. The department may bill at such intervals as are established in the department’s procedures and shall deposit amounts paid by project agencies in the Article XI-Q Bond Fund or the Article XI-Q Bond Administration Fund as the department determines is appropriate. A project agency 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 from amounts budgeted under ORS 286A.826 (Budgeting for Article XI-Q project costs) or, if necessary, from any other amounts lawfully available for expenditure by the project agency for that purpose.

(2) The State Treasurer may authorize a project agency or the department to act as a related agency under this chapter if necessary or desirable for the issuance or administration of Article XI-Q bonds, including, without limitation, entering into contracts or covenants as provided in ORS 286A.025 (Issuance and sale of bonds) . However, a project agency may not request the State Treasurer to issue Article XI-Q bonds.

(3) If Article XI-Q bonds are issued to refinance bonds issued before December 2, 2010, and the bond-related costs of the refinanced bonds were paid by state agencies under ORS 283.091 (Governor’s budget to include amount needed to pay amounts due on unpaid financing agreements) , under one of the programs described in ORS 291.445 (Certificate of state agency that issues general obligation bonds) (7) or under a revenue bond program of this state, the state agency whose bonds are refinanced may pay the amounts billed under subsection (1) of this section from the sources of funds previously used by the agency to pay the refinanced bonds or from any other funds lawfully available for payment of the Article XI-Q bonds.

(4) A project agency that receives or holds proceeds of Article XI-Q bonds shall, at the direction of the department, take action necessary to obtain and maintain:

(a) The excludability of interest on Article XI-Q bonds from gross income under the Internal Revenue Code; or

(b) A federal interest subsidy payment or any other tax-advantaged status granted under the Internal Revenue Code for the Article XI-Q bonds. [2011 c.14 §6]

Source: Section 286A.824 — Article XI-Q bond program; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.195 — OR Code / Title 27 / Chapter 286a / Section 286a.195
286A.195 Financial audit of bond programs
Status: in_force

(1) The Secretary of State shall conduct a financial audit of the bond programs of each state agency at least annually. The Secretary of State shall publish the audit as soon as possible following the end of the audit period.

(2) The Oregon Department of Administrative Services may, on an annual basis, exempt a bond program from the requirements of subsection (1) of this section. [2007 c.783 §26]

Source: Section 286A.195 — Financial audit of bond programs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.315 — OR Code / Title 27 / Chapter 287a / Section 287a.315
287A.315 Pledge of full faith and credit and taxing power
Status: in_force

(1) A public body may pledge its full faith and credit and taxing power when the public body issues:

(a) A general obligation bond; or

(b) An obligation that is secured by all lawfully available funds of the public body.

(2) When a public body pledges its full faith and credit and taxing power to pay an obligation, the pledge constitutes an enforceable promise or contract by the public body:

(a) To pay the obligation out of lawfully available funds of the public body; and

(b) If lawfully available funds are insufficient to pay when due the amounts owing on the obligation, to levy, impose and collect a tax that is within the authority of the public body to levy, impose and collect in an amount sufficient to pay the amounts owing under the obligation, including past due amounts and penalties.

(3) If a public body fails to pay when due an amount owing under an obligation secured by a pledge of the full faith and credit and taxing power of the public body, the owner of the obligation, or the trustee appointed to act on behalf of the owner, may bring an action in the circuit court of the county in which the principal offices of the public body are located to compel the public body:

(a) To appropriate and expend sufficient lawfully available funds to pay the amounts owing on the obligation; or

(b) If lawfully available funds are insufficient to pay when due the amounts owing on the obligation, to levy, impose and collect a tax that is within the authority of the public body to levy, impose and collect in an amount sufficient to pay the amounts owing under the obligation, including past due amounts and penalties.

(4) An owner of the obligation, or a trustee appointed to act on behalf of the owner, may initiate a proceeding to impose remedial sanctions under ORS 33.055 (Procedure for imposition of remedial sanctions) against members of the governing body of a public body for failure to comply with an order of the court under this section.

(5) A pledge of the full faith and credit and taxing power authorized by this section does not, by itself, create a lien on the revenues or property of the public body. [2007 c.783 §50a]

Source: Section 287A.315 — Pledge of full faith and credit and taxing power , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.786 — OR Code / Title 27 / Chapter 286a / Section 286a.786
286A.786 Article XI-N Bond Administration Fund
Status: in_force

(1) The Article XI-N 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-N 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 Emergency Services Seismic Fund by the Oregon Business Development Department as provided in ORS 286A.788 (Emergency Services Seismic Fund) .

(2) The Oregon Department of Administrative Services may create separate accounts in the bond administration fund. [Formerly 286.786; 2013 c.782 §10]

Source: Section 286A.786 — Article XI-N Bond Administration Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.750 — OR Code / Title 27 / Chapter 286a / Section 286a.750
286A.750 Terms and conditions of pension liability bonds
Status: in_force

(1) In accordance with the applicable provisions of this chapter, the State Treasurer, after consulting with the Director of the Oregon Department of Administrative Services, may issue Article XI-O bonds from time to time for the purposes described in ORS 286A.735 (Authority of State Treasurer to issue pension liability bonds) (2).

(2) Article XI-O bonds may be issued and sold as provided in this chapter.

(3) Subject to the approval of the State Treasurer, the Director of the Oregon Department of Administrative Services may:

(a) Enter into agreements with a trustee or escrow agent regarding the use and application of the amounts held in the Article XI-O Bond Fund or the Article XI-O Bond Administration Fund; and

(b) Transfer amounts credited to the bond fund or the bond administration fund to a trustee or escrow agent. [Formerly 286.750]

Source: Section 286A.750 — Terms and conditions of pension liability bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.570 — OR Code / Title 27 / Chapter 286a / Section 286a.570
286A.570 Lottery Bond Fund
Status: in_force

(1) The Lottery Bond Fund is established in the State Treasury, separate and distinct from the General Fund. The amounts of unobligated net lottery proceeds described in ORS 286A.576 (Allocation of lottery moneys for lottery bonds) (2)(a) and (b) and any appropriated funds and investment earnings of the Lottery Bond Fund shall be credited to the Lottery Bond Fund. The State Treasurer may establish reserves for lottery bonds as provided in ORS 286A.580 (Issuance of lottery bonds) (6). The reserves shall be credited to such account in the Lottery Bond Fund as the State Treasurer may designate.

(2) The amounts credited to the Lottery Bond Fund are continuously appropriated only for the purpose of paying, when due, the principal of and the interest and premium, if any, on outstanding lottery bonds, funding lottery bond reserves and paying amounts due in connection with any instrument authorized by ORS 286A.580 (Issuance of lottery bonds) (6).

(3) The moneys in the Lottery Bond Fund shall be used and applied solely to pay, when due, the principal of and the interest and premium, if any, on any lottery bonds, to fund reserves and to pay amounts due under instruments authorized by ORS 286A.580 (Issuance of lottery bonds) (6). [Formerly 286.570]

Source: Section 286A.570 — Lottery Bond Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.710 — OR Code / Title 27 / Chapter 286a / Section 286a.710
286A.710 Definitions for ORS 286A.710 to 286A.720
Status: in_force

As used in ORS 286A.710 (Definitions for ORS 286A.710 to 286A.720) to 286A.720 (Payment of bond-related costs) :

(1) “Article XI-D bonds” means general obligation bonds issued under the authority of Article XI-D 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-D bonds;

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

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

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

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

(f) Other costs or expenses that the Director of the Oregon Department of Administrative Services determines are necessary or desirable in connection with issuing, administering or maintaining Article XI-D bonds. [2009 c.893 §2]

Source: Section 286A.710 — Definitions for ORS 286A.710 to 286A.720 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.854 — OR Code / Title 27 / Chapter 286a / Section 286a.854
286A.854 Article XI-G Bond Fund
Status: in_force

(1) The Article XI-G Bond 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 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 Fund are continuously appropriated to the department for the purpose of paying, when due, the principal of, the interest on and the premium, if any, on outstanding Article XI-G bonds. The department shall deposit in the fund:

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

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

(c) Reserves, if any, established for the payment of Article XI-G bonds;

(d) Moneys transferred from a project fund under ORS 286A.848 (Authority of State Treasurer to issue Article XI-G bonds) (4);

(e) Moneys received from ad valorem taxes levied pursuant to ORS 291.445 (Certificate of state agency that issues general obligation bonds) ; and

(f) Moneys provided by the Legislative Assembly in lieu of ad valorem taxes levied under ORS 291.445 (Certificate of state agency that issues general obligation bonds) .

(2) At the request of the department, the State Treasurer may create or cause to be created separate accounts in the fund for reserves and debt service for each series of Article XI-G bonds. [2015 c.828 §10]

Source: Section 286A.854 — Article XI-G Bond Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.818 — OR Code / Title 27 / Chapter 286a / Section 286a.818
286A.818 Authority of State Treasurer to issue bonds
Status: in_force

(1) In accordance with the applicable provisions of this chapter, the State Treasurer, at the request of the Director of the Oregon Department of Administrative Services, may issue Article XI-Q bonds:

(a) For any of the purposes specified in Article XI-Q 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 Article XI-Q bond issuance established under ORS 286A.035 (Bond budget authorization) for the biennium.

(2) The State Treasurer may issue Article XI-Q bonds for the purpose of:

(a) Refunding Article XI-Q bonds.

(b) Subject to subsection (3) of this section, refinancing borrowings issued before December 2, 2010, to finance or refinance costs described in section 1 (1), Article XI-Q of the Oregon Constitution.

(c) Paying bond-related costs.

(3) When Article XI-Q bonds are issued to refinance borrowings issued before December 2, 2010, the maturity date of the Article XI-Q bonds may not be later than the maturity date of the refinanced borrowings.

(4) The State Treasurer shall deposit the net proceeds of Article XI-Q bonds issued in one or more project funds established in the State Treasury or with a third party approved by the State Treasurer. Net proceeds must be expended in accordance with procedures established by the Oregon Department of Administrative Services for the purposes described in each project agency’s budget authorization.

(5) If at any time the Oregon Department of Administrative Services and the project agency determine that the net proceeds of Article XI-Q bonds deposited in a project fund pursuant to subsection (4) of this section exceed the amount necessary for the purpose described in the project agency’s budget authorization, the department may allocate and transfer the excess amount as determined by the department to other project funds, the Article XI-Q Bond Fund established under ORS 286A.820 (Article XI-Q Bond Fund) or the Article XI-Q Bond Administration Fund established under ORS 286A.822 (Article XI-Q Bond Administration Fund) .

(6) Article XI-Q 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-Q 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-Q bonds, except that the ad valorem taxing power of the State of Oregon may not be pledged to pay Article XI-Q bonds. [2011 c.14 §3]

Source: Section 286A.818 — Authority of State Treasurer to issue bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.100 — OR Code / Title 27 / Chapter 287a / Section 287a.100
287A.100 Authority of county to issue general obligation bonds
Status: in_force

(1) Unless the county charter expressly provides otherwise, upon approval of the electors of a county, the county may issue general obligation bonds to finance:

(a) Capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution.

(b) Capital costs permitted by Article XI, section 11L, of the Oregon Constitution.

(2) Unless the county charter provides a lesser limitation, a county may not issue or have outstanding at the time of issuance general obligation bonds in a principal amount that exceeds two percent of the real market value of the taxable property in the county, calculated as provided in ORS 308.207 (Computation of real market value for taxing or bonding limitations) . [2007 c.783 §44; 2013 c.491 §4]

Source: Section 287A.100 — Authority of county to issue general obligation bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 287a.343 — OR Code / Title 27 / Chapter 287a / Section 287a.343
287A.343 Public body purchase of own bonds
Status: in_force

(1) Notwithstanding any limitation in a local charter, a public body may bid for, purchase, hold, cause to be held in trust and remarket bonds issued by the public body.

(2) Except as otherwise provided in the operative documents, the purchase or acquisition of bonds under this section does not cancel or extinguish the bonds unless the public body elects in writing to cancel or extinguish the bonds. [2009 c.537 §4]

Note: 287A.343 (Public body purchase of own bonds) was added to and made a part of ORS chapter 287A by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

Source: Section 287A.343 — Public body purchase of own bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 287a.350 — OR Code / Title 27 / Chapter 287a / Section 287a.350
287A.350 Public records
Status: in_force

The records of registered bond ownership, whether maintained by a public body or otherwise, are not public records within the meaning of ORS 192.311 (Definitions for ORS 192.311 to 192.478) . [2007 c.783 §69; 2017 c.456 §10]

Source: Section 287A.350 — Public records , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.788 — OR Code / Title 27 / Chapter 286a / Section 286a.788
286A.788 Emergency Services Seismic Fund
Status: in_force

(1) The Emergency Services 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.782 (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-N bonds transferred pursuant to ORS 286A.782 (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.782 (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-N bonds.

(2) The Oregon Business Development Department may create separate accounts in the seismic fund as appropriate for the management of moneys in the seismic fund.

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

(4) The Oregon Business Development Department shall transfer to the Article XI-N 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-N bonds will be outstanding in the next biennium.

(5) The Oregon Business Development 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 286.788; 2013 c.782 §11]

Source: Section 286A.788 — Emergency Services Seismic Fund; purposes; rules; fees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.482 — OR Code / Title 27 / Chapter 287a / Section 287a.482
287A.482 Definitions for ORS 287A.482 to 287A.488
Status: in_force

As used in ORS 287A.482 (Definitions for ORS 287A.482 to 287A.488) to 287A.488 (Taxes must be levied for payment of claims included in master warrant) :

(1) “County fiscal officer” means:

(a) The county accountant in counties where such office is established by law.

(b) The county clerk in counties not having a county accountant.

(2) “Master warrant” means a warrant or order issued and drawn pursuant to ORS 287A.486 (Procedure) . [Formerly 287.482]

Source: Section 287A.482 — Definitions for ORS 287A.482 to 287A.488 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.839 — OR Code / Title 27 / Chapter 286a / Section 286a.839
286A.839 Article XI-F(1) Bond Fund
Status: in_force

(1) The Article XI-F(1) Bond 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-F(1) Bond 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-F(1) Bond Fund are continuously appropriated to the department for the purpose of paying, when due, the principal of, the interest on and the premium, if any, on outstanding Article XI-F(1) bonds. The department shall deposit in the fund:

(a) Capitalized or accrued interest on Article XI-F(1) bonds;

(b) Moneys, if any, appropriated or otherwise provided by the Legislative Assembly for deposit in the fund;

(c) Reserves, if any, established for the payment of Article XI-F(1) bonds;

(d) Moneys transferred from a project fund under ORS 286A.833 (Authority of State Treasurer to issue Article XI-F(1) bonds) (4);

(e) Moneys received as payment under a loan agreement or the schedule provided under ORS 352.415 (Repayment of outstanding state bonds and other obligations by public university) ;

(f) Moneys received from ad valorem taxes levied pursuant to ORS 291.445 (Certificate of state agency that issues general obligation bonds) ; and

(g) Moneys provided by the Legislative Assembly in lieu of ad valorem taxes levied pursuant to ORS 291.445 (Certificate of state agency that issues general obligation bonds) .

(2) The department shall credit any interest earnings in the fund on amounts paid by a public university pursuant to a loan agreement or the schedule provided under ORS 352.415 (Repayment of outstanding state bonds and other obligations by public university) that exceed the amount needed to repay outstanding Article XI-F(1) bonds issued for the benefit of the public university against the payment obligations of the public university under a loan agreement or the schedule provided under ORS 352.415 (Repayment of outstanding state bonds and other obligations by public university) .

(3) At the request of the department, the State Treasurer may create or cause to be created separate accounts in the fund for reserves and debt service for each series of Article XI-F(1) bonds. [2015 c.828 §5]

Source: Section 286A.839 — Article XI-F(1) Bond Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.340 — OR Code / Title 27 / Chapter 287a / Section 287a.340
287A.340 Credit enhancement devices
Status: in_force

(1) A public body may obtain a credit enhancement device and enter into related agreements.

(2) The public body may pay the provider of the credit enhancement device from the same sources that the public body may lawfully use to pay the related bonds or from any other legally available source.

(3) The public body may issue a bond to the provider of a credit enhancement device to secure the obligations of the public body or to pay amounts due to the provider. [2007 c.783 §52]

Source: Section 287A.340 — Credit enhancement devices , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.762 — OR Code / Title 27 / Chapter 286a / Section 286a.762
286A.762 Authority of State Treasurer to issue bonds
Status: in_force

(1) Article XI-M 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-M bonds. The State of Oregon shall pledge its full faith and credit and taxing power to pay Article XI-M bonds, except that the ad valorem taxing power of the State of Oregon may not be pledged to pay Article XI-M bonds.

(2) The State Treasurer, with the concurrence of the Director of the Oregon Business Development Department, may issue Article XI-M bonds as provided in this chapter, subject to the limit on bond issuance established for the particular biennium pursuant to ORS 286A.035 (Bond budget authorization) and at the request of the Director of the Oregon Department of Administrative Services, for the purpose of financing all or a portion of the state share of costs to plan and implement seismic rehabilitation of public education buildings in the amount of the state share of costs, plus an amount determined by the State Treasurer to pay estimated bond-related costs.

(3) The State Treasurer shall transfer the net proceeds of Article XI-M bonds issued for the purpose described in subsection (2)(a) of this section to the Oregon Business Development Department for deposit in the Education Seismic Fund established under ORS 286A.768 (Education Seismic Fund) . [Formerly 286.762; 2013 c.782 §5; 2017 c.9 §19]

Source: Section 286A.762 — Authority of State Treasurer to issue bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.833 — OR Code / Title 27 / Chapter 286a / Section 286a.833
286A.833 Authority of State Treasurer to issue Article XI-F(1) bonds
Status: in_force

(1) In accordance with the applicable provisions of this chapter, the State Treasurer, with the concurrence of the Higher Education Coordinating Commission, may issue Article XI-F(1) bonds for the benefit of a public university if:

(a) The Director of the Oregon Department of Administrative Services requests that bonds be issued for the purposes specified in Article XI-F(1) of the Oregon Constitution, plus an amount determined by the State Treasurer to pay estimated bond-related costs;

(b) The issuance does not exceed the budget authorization for bond issuance established under ORS 286A.035 (Bond budget authorization) ; and

(c) A loan agreement is executed under ORS 286A.836 (Loan agreements for Article XI-F(1) bonds) prior to sale of the bonds.

(2) The State Treasurer may issue Article XI-F(1) bonds for the purpose of refunding Article XI-F(1) bonds, with the concurrence of a public university that received proceeds of Article XI-F(1) bonds to be refunded.

(3) The State Treasurer shall deposit the net proceeds of Article XI-F(1) bonds in one or more project funds established in the State Treasury or with a third party under contract with the Oregon Department of Administrative Services and approved by the State Treasurer. Net proceeds of Article XI-F(1) bonds must be expended for the purposes described in the commission’s budget authorization.

(4) If at any time the department and the commission jointly determine that the net proceeds of Article XI-F(1) bonds deposited in a project fund pursuant to subsection (3) of this section exceed the cost of the project described in the commission’s budget authorization, the department may allocate and transfer the excess amount as determined by the department to other project funds, the Article XI-F(1) Bond Fund established under ORS 286A.839 (Article XI-F(1) Bond Fund) or the Article XI-F(1) Bond Administration Fund established under ORS 286A.842 (Article XI-F(1) Bond Administration Fund) . Before transferring an excess amount under this subsection, the department shall consult with the public university for whose benefit the Article XI-F(1) bonds were issued, but the department may transfer an excess amount without the approval of the public university. Excess amounts may not be transferred to a project fund for the project of another public university unless the applicable loan agreements and loan repayment schedules are amended to reflect the transfer.

(5) Article XI-F(1) bonds are direct general obligations 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-F(1) 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-F(1) bonds, and the ad valorem taxing power of the State of Oregon may be pledged to pay Article XI-F(1) bonds. [2015 c.828 §3; 2017 c.570 §7]

Source: Section 286A.833 — Authority of State Treasurer to issue Article XI-F(1) bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.620 — OR Code / Title 27 / Chapter 286a / Section 286a.620
286A.620 Private activity bond volume cap
Status: in_force

The Legislative Assembly may allocate the amount of private activity bond volume cap among state agencies and the Private Activity Bond Committee for the two calendar years that begin in a biennium. Any volume cap that the state receives that is not allocated by the Legislative Assembly may be allocated by the Private Activity Bond Committee. [2007 c.783 §31]

Source: Section 286A.620 — Private activity bond volume cap , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.735 — OR Code / Title 27 / Chapter 286a / Section 286a.735
286A.735 Authority of State Treasurer to issue pension liability bonds
Status: in_force

(1) Article XI-O 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-O bonds. The State of Oregon shall pledge its full faith and credit and taxing power to pay Article XI-O bonds; however, the ad valorem taxing power of the State of Oregon may not be pledged to pay Article XI-O bonds.

(2) The State Treasurer may issue Article XI-O bonds:

(a) To finance all or a portion of the state’s pension liabilities for retirement, health care or disability benefits, in an amount that produces net proceeds that do not exceed the State Treasurer’s estimate of those liabilities based on information provided to the State Treasurer by the Public Employees Retirement System, plus an amount determined by the State Treasurer to pay estimated bond-related costs. If Article XI-O bonds are issued for a purpose described in this paragraph, the Director of the Oregon Department of Administrative Services shall allocate the bond-related costs of those Article XI-O bonds among affected state agencies based on their payroll costs and shall bill those state agencies for an appropriate share of the bond-related costs on a monthly or other periodic basis. A state agency receiving a bill under this paragraph shall pay the amounts billed from the first moneys legally available to the state agency after paying the costs incurred for obligations under ORS 283.085 (Definitions for ORS 283.085 to 283.092) to 283.092 (Effect of financing agreement on tax status) .

(b) To refund Article XI-O bonds. The amount of Article XI-O bonds issued under this paragraph may not exceed the estimated costs of paying, redeeming or defeasing the refunded bonds, plus an amount determined by the State Treasurer to pay estimated bond-related costs. If Article XI-O bonds are issued under this paragraph, the Director of the Oregon Department of Administrative Services shall bill a state agency that was responsible for payment of the refunded bonds for an appropriate share of the bond-related costs on a monthly or other periodic basis. A state agency receiving a bill under this paragraph shall pay the amounts billed from the first moneys legally available to the state agency after paying the costs incurred for obligations under ORS 283.085 (Definitions for ORS 283.085 to 283.092) to 283.092 (Effect of financing agreement on tax status) .

(3) The net proceeds of Article XI-O bonds issued to finance all or a portion the state’s pension liabilities for retirement, health care or disability benefits must be transferred to the Public Employees Retirement Board for deposit in the Public Employees Retirement Fund established under ORS 238.660 (Fund generally) . [Formerly 286.735]

Source: Section 286A.735 — Authority of State Treasurer to issue pension liability bonds; nature and purpose of bonds; refunding bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.820 — OR Code / Title 27 / Chapter 286a / Section 286a.820
286A.820 Article XI-Q Bond Fund
Status: in_force

(1) The Article XI-Q Bond Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the Article XI-Q 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-Q bonds. The department shall deposit in the bond fund:

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

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

(e) 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 fund for reserves and debt service for each series of Article XI-Q bonds as provided in ORS 286A.025 (Issuance and sale of bonds) (2)(g). [2011 c.14 §4]

Source: Section 286A.820 — Article XI-Q Bond Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.810 — OR Code / Title 27 / Chapter 286a / Section 286a.810
286A.810 LEED certification of school projects financed with Article XI-P bonds
Status: in_force

(1) As used in this section:

(a) “Green Globes program” means a building guidance and assessment program to advance overall environmental performance and sustainability of commercial buildings established by the Green Building Initiative.

(b) “LEED” means the Leadership in Energy and Environmental Design rating system for certification of energy efficient and environmentally sustainable buildings established by the United States Green Building Council.

(c) “LEED Silver” means the second of four tiers of standards for certification in the LEED rating system.

(d) “Two globes” means the second of four tiers of ratings for certification in the Green Globes program rating system.

(2) If general obligation bonds are issued under Article XI-P of the Oregon Constitution, and proceeds from the bonds are used for the construction, improvement, remodel, equipment, maintenance or repair of a building of a school district, the building of the school district that is constructed, improved, remodeled, equipped, maintained or repaired must qualify for, at a minimum:

(a) LEED Silver certification;

(b) A two globes rating from the Green Globes program; or

(c) An equivalent numeric rating from a nationally recognized, accepted and appropriate sustainable development rating system as determined by the State Department of Energy. [2011 c.467 §8]

Note: 286A.810 (LEED certification of school projects financed with Article XI-P bonds) 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.

ARTICLE XI-Q BONDS

Source: Section 286A.810 — LEED certification of school projects financed with Article XI-P bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.486 — OR Code / Title 27 / Chapter 287a / Section 287a.486
287A.486 Procedure
Status: in_force

(1) The county fiscal officer shall draw a master warrant in the amount of one or more claims referred to in ORS 287A.484 (Master warrant procedure authorized if warrants would be not paid) , payable to any person who is willing to accept the master warrant, and such person shall, upon delivery of the master warrant duly indorsed “Not Paid for Want of Funds,” pay to the county treasurer the full amount for which the master warrant is drawn.

(2) The amount paid under subsection (1) of this section shall constitute a special fund to be used toward the payment of warrants issued under ORS 287A.484 (Master warrant procedure authorized if warrants would be not paid) by the county fiscal officer in payment of claims audited and approved and included in the amount of any master warrant issued to the person advancing such moneys. [Formerly 287.486]

Source: Section 287A.486 — Procedure , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 289.220 — OR Code / Title 27 / Chapter 289 / Section 289.220
289.220 Covenants regarding bond issuance
Status: in_force

The official action authorizing the issuance of bonds under this chapter to finance or refinance, in whole or in part, the acquisition, purchase, construction, reconstruction, installation, improvement, betterment, extension, management, operation or funding of a project may contain covenants that limit the exercises of powers conferred by this chapter in the following respects and in other respects as the state, acting through the State Treasurer, or the designee of the treasurer may decide:

(1) The rents to be charged for the use of properties acquired, purchased, constructed, reconstructed, installed, improved, bettered, extended, managed, operated or funded under the authority of this chapter;

(2) The use and disposition of the revenues of projects;

(3) The creation and maintenance of sinking funds and the regulation, use and disposition thereof;

(4) The creation and maintenance of funds to provide for maintaining the eligible project and replacement of properties depreciated, damaged, destroyed or condemned;

(5) The purpose or purposes to which the proceeds of sale of bonds may be applied and the use and disposition of such proceeds;

(6) The nature of mortgages or other encumbrances on the eligible project made in favor of the holder or holders of such bonds or a trustee therefor;

(7) The events of default and the rights and liabilities arising thereon and the terms and conditions upon which the holders of any bonds may bring any suit or action on such bonds or on any coupons appurtenant thereto;

(8) The issuance of other or additional bonds or instruments payable from or constituting a charge against the revenue of the eligible project;

(9) The insurance to be carried upon the eligible project and the use and disposition of insurance moneys;

(10) The keeping of books of account and the inspection and audit thereof;

(11) The terms and conditions upon which any or all of the bonds shall become or may be declared due before maturity and the terms and conditions upon which such declaration and its consequences may be waived;

(12) The rights, liabilities, powers and duties arising upon the breach by the municipality or redevelopment agency of any covenants, conditions or obligations;

(13) The appointing of and vesting in a trustee or trustees of the right to enforce any covenants made to secure or to pay the bonds, the powers and duties of such trustee or trustees and the limitation of their liabilities;

(14) The terms and conditions upon which the holder or holders of the bonds, or the holders of any proportion or percentage of them, may enforce any covenants made under this chapter;

(15) A procedure by which the terms of any official action authorizing bonds or of any other contract with bondholders, including but not limited to an indenture of trust or similar instrument, may be amended or abrogated, and the amount of bonds the holders of which may consent thereto, and the manner in which such consent may be given; and

(16) The subordination of the security of any bonds issued under this chapter and the payment of principal and interest thereof, to the extent considered feasible and desirable by the state, to other bonds or obligations of the state issued to finance the eligible project or that may be outstanding when the bonds thus subordinated are issued and delivered. [1989 c.820 §13; 2010 c.3 §5]

Source: Section 289.220 — Covenants regarding bond issuance , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.766 — OR Code / Title 27 / Chapter 286a / Section 286a.766
286A.766 Article XI-M Bond Administration Fund
Status: in_force

(1) The Article XI-M 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-M 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 Education Seismic Fund by the Oregon Business Development Department as provided in ORS 286A.768 (Education Seismic Fund) .

(2) The Oregon Department of Administrative Services may create separate accounts in the bond administration fund. [Formerly 286.766; 2013 c.782 §6]

Source: Section 286A.766 — Article XI-M Bond Administration Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.640 — OR Code / Title 27 / Chapter 287a / Section 287a.640
287A.640 Notice to commission of proposed issues
Status: in_force

(1) The Oregon Municipal Debt Advisory Commission may, by rule, require a public body to provide the commission with prior notice of proposed issuance of new bonds in a form and at times specified by the commission.

(2) To assist the commission in carrying out its duties, a public body shall verify, at the request of the commission, the information maintained by the commission or the State Treasurer on the public body’s outstanding bonds. [Formerly 287.040]

Source: Section 287A.640 — Notice to commission of proposed issues; duty of public bodies to assist; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.851 — OR Code / Title 27 / Chapter 286a / Section 286a.851
286A.851 Grant contracts for Article XI-G bonds
Status: in_force

(1) Prior to the sale of any Article XI-G bonds, except for refunding bonds, a public university or a community college and the Higher Education Coordinating Commission must enter into a grant contract.

(2) The grant contract must include:

(a) A certification that the requirement for a matching amount is satisfied;

(b) Terms and conditions obligating the public university or community college to maintain any federal tax benefit related to the Article XI-G bonds and to execute and deliver any required tax certificates or agreements in connection with any federal tax benefit related to the Article XI-G bonds; and

(c) Terms and conditions indemnifying the State of Oregon against regulatory or bondholder liability due to the action or inaction of the public university or community college related to the Article XI-G bonds.

(3) The grant contract may include:

(a) Reporting and accounting requirements or other conditions necessary or advisable to ensure that moneys are expended for intended purposes;

(b) Terms and conditions that are necessary or advisable to ensure compliance with applicable laws or regulations; and

(c) Provisions for the payment of fees by a community college to cover costs of the commission relating to the execution of the commission’s responsibilities under the grant contract. [2015 c.828 §9; 2016 c.66 §11; 2017 c.9 §11]

Source: Section 286A.851 — Grant contracts for Article XI-G bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 289.210 — OR Code / Title 27 / Chapter 289 / Section 289.210
289.210 Refunding bonds
Status: in_force

The State Treasurer shall have the power, whenever the treasurer considers refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured. The refunding bonds may be exchanged for bonds to be refunded and the proceeds applied to the purchase, redemption or payment of such bonds. [1989 c.820 §11]

Source: Section 289.210 — Refunding bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.185 — OR Code / Title 27 / Chapter 286a / Section 286a.185
286A.185 Cancellation, purchase or redemption of bonds
Status: in_force

(1) The State Treasurer may adopt rules, or establish by contract or policy, procedures and requirements for the cancellation, purchase or redemption of bonds, the remittance of funds to pay bonds, or the replacement of lost or destroyed evidence of bonds or interest coupons.

(2) If the State Treasurer decides:

(a) To replace lost or destroyed evidence of bonds or coupons, or to make payment in lieu of replacement, the State Treasurer may require indemnity, deposit or other form of assurance or proof of ownership to ensure against conflicting, duplicative or fraudulent claims. The State Treasurer may charge a fee to the person seeking replacement or payment in lieu of replacement under this section, in an amount sufficient to reimburse the State Treasurer for costs incurred in providing replacement or payment under this subsection.

(b) Not to replace or make payment with respect to a lost or destroyed bond or coupon, the person seeking replacement or payment under this section may appeal the determination as a review of an order other than a contested case under ORS 183.484 (Jurisdiction for review of orders other than contested cases) . [2007 c.783 §24]

Source: Section 286A.185 — Cancellation, purchase or redemption of bonds; lost or destroyed evidence of bonds; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.764 — OR Code / Title 27 / Chapter 286a / Section 286a.764
286A.764 Article XI-M Bond Fund
Status: in_force

(1) The Article XI-M 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-M bonds. The department shall deposit in the bond fund:

(a) Capitalized or accrued interest on Article XI-M 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-M bonds.

(2) The department may create separate accounts in the bond fund for reserves and debt service for each series of Article XI-M bonds. [Formerly 286.764]

Source: Section 286A.764 — Article XI-M Bond Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.745 — OR Code / Title 27 / Chapter 286a / Section 286a.745
286A.745 Article XI-O Bond Administration Fund
Status: in_force

(1) The Article XI-O Bond Administration Fund is established in the State Treasury, separate and distinct from the General Fund. 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-O bonds that were issued to pay bond-related costs that are not credited to the bond fund;

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

(c) Amounts received in payment of a bill for bond-related costs that are not credited to the bond fund.

(2) The department may create separate accounts in the bond administration fund. [Formerly 286.745]

Source: Section 286A.745 — Article XI-O Bond Administration Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 289.200 — OR Code / Title 27 / Chapter 289 / Section 289.200
289.200 Issuance of revenue bonds
Status: in_force

(1) If the State Treasurer determines that revenue bonds should be issued:

(a) The State Treasurer may authorize and issue in the name of the State of Oregon revenue bonds secured by revenues from eligible projects to finance or refinance in whole or part the cost of acquisition, purchase, construction, reconstruction, installations improvement, betterment, extension, management, operation or funding of projects. The bonds shall be identified by project and issued in the manner prescribed by ORS chapter 286A.

(b) The State Treasurer shall designate the trustee, financial advisor and bond counsel, if any, and enter into appropriate agreements with each to carry out the provisions of this chapter. An agreement with bond counsel designated by the State Treasurer under this section is subject to the provisions related to services provided by bond counsel under ORS 286A.130 (Bond counsel services) . The powers conferred on a related agency under ORS chapter 286A do not apply to the Oregon Facilities Authority with respect to the designation of trustee, financial advisor and bond counsel.

(2) Any trustee designated by the State Treasurer to carry out all or part of the powers specified in ORS 289.110 (Duties and powers with respect to projects) must agree to furnish financial statements and audit reports for each bond issue.

(3) The State Treasurer is the applicable elected representative for purposes of approving the issuance of revenue bonds under this chapter to the extent approval is required under section 147(f) of the Internal Revenue Code.

(4) The State Treasurer shall collect data from the authority regarding the amount and nature of bonded indebtedness in Oregon health care institutions financed through the authority. [1989 c.820 §9; 1991 c.408 §6; 1995 c.727 §14; 2001 c.536 §8; 2007 c.783 §114; 2010 c.3 §3]

Source: Section 289.200 — Issuance of revenue bonds; role of State Treasurer; role of Oregon Facilities Authority; fees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.014 — OR Code / Title 27 / Chapter 286a / Section 286a.014
286A.014 Fees and expenses of State Treasurer
Status: in_force

(1) The State Treasurer may charge a related agency for reasonable fees and expenses in connection with the services, duties and activities of the State Treasurer related to the borrowing activities of the State of Oregon, including but not limited to the issuance and administration of obligations, as defined in ORS 286A.100 (Definitions for ORS 286A.100 and 286A.102) .

(2) The State Treasurer may charge a public body, as defined in ORS 287A.001 (Definitions for ORS chapter 287A) , reasonable fees and expenses in connection with:

(a) The services, duties and activities of the State Treasurer related to obligations, as defined in ORS 287A.310 (Definitions for ORS 287A.310 and 287A.315) , of the public body; or

(b) Providing assistance to the Oregon Municipal Debt Advisory Commission or to the public body.

(3) The State Treasurer shall deposit all moneys received under this section in the Miscellaneous Receipts Account established under ORS 286A.016 (Disposition of charges) .

(4) The State Treasurer shall adopt rules to implement the provisions of this section including, but not limited to, rules identifying the services, duties and activities for which charges are to apply.

(5) A related agency or public body shall pay to the State Treasurer reasonable fees and expenses charged under this section or under rules adopted pursuant to this section. [2007 c.783 §5]

Source: Section 286A.014 — Fees and expenses of State Treasurer; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.484 — OR Code / Title 27 / Chapter 287a / Section 287a.484
287A.484 Master warrant procedure authorized if warrants would be not paid
Status: in_force

Whenever the county fiscal officer audits and approves a claim and issues a warrant therefor and at the same time or subsequently ascertains that the county treasurer has not sufficient moneys in the particular fund of the county from which the claim so approved and allowed is payable and that the warrant as issued against that fund for the payment of the claim would be indorsed “Not Paid for Want of Funds,” the county fiscal officer may, with approval by resolution of the county court or the board of county commissioners, issue a master warrant to any person for the purpose of obtaining money to pay such claim. The money shall be obtained only in the manner provided in ORS 287A.486 (Procedure) . [Formerly 287.484]

Source: Section 287A.484 — Master warrant procedure authorized if warrants would be not paid , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.800 — OR Code / Title 27 / Chapter 286a / Section 286a.800
286A.800 School capital matching bond program
Status: in_force

(1) The State Board of Education shall establish by rule a program to provide school districts with matching fund grants or loans for the capital costs of school districts financed with the 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) . The state board shall establish, by rule, ratios for matching local moneys with grants, and ratios for matching local moneys with loans.

(2) The Department of Education, subject to rules adopted by the state board:

(a) May provide matching funds only to a school district that has received voter approval for local general obligation bonds to finance capital costs.

(b) May not provide financing through grants or loans to finance operating costs of school districts. [2011 c.699 §3]

Source: Section 286A.800 — School capital matching bond program; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.050 — OR Code / Title 27 / Chapter 287a / Section 287a.050
287A.050 Authority of city to issue general obligation bonds
Status: in_force

(1) Upon approval of the electors of a city, the city may issue general obligation bonds to finance:

(a) Capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution.

(b) Capital costs permitted by Article XI, section 11L, of the Oregon Constitution.

(2) Unless the city charter provides a lesser limitation, a city may not issue or have outstanding at the time of issuance general obligation bonds in a principal amount that exceeds three percent of the real market value of the taxable property within its boundaries, calculated as provided in ORS 308.207 (Computation of real market value for taxing or bonding limitations) .

(3) The limitation described in subsection (2) of this section does not apply to general obligation bonds issued:

(a) To finance the costs of local improvements assessed and paid for in installments under statutory or charter authority.

(b) To finance capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution, or to finance capital costs permitted by Article XI, section 11L, of the Oregon Constitution, for:

(A) Water supply, treatment or distribution;

(B) Sanitary or storm sewage collection or treatment;

(C) Hospitals or infirmaries;

(D) Gas, power or lighting; or

(E) Off-street motor vehicle parking facilities. [2007 c.783 §43; 2013 c.491 §3]

Source: Section 287A.050 — Authority of city to issue general obligation bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 287a.634 — OR Code / Title 27 / Chapter 287a / Section 287a.634
287A.634 Powers and duties of commission
Status: in_force

(1) The Oregon Municipal Debt Advisory Commission may:

(a) Provide assistance and consultation, upon request of the state or a public body, to assist them in the planning, preparation, marketing and sale of new bond issues to reduce the cost of the issuance to the issuer and to assist in protecting the issuer’s credit.

(b) Collect, maintain and provide financial, economic and social data on public bodies pertinent to their ability to issue and pay bonds.

(c) Collect, maintain and provide information on bonds sold and outstanding and serve as a clearinghouse for all local bond issues.

(d) Maintain contact with municipal bond underwriters, credit rating agencies, investors and others to improve the market for public body bond issues.

(e) Undertake or commission studies on methods to reduce the costs of state and local bond issues.

(f) Recommend changes in state law and local practices to improve the sale and servicing of local bonds.

(g) Perform any other function required or authorized by law.

(h) Pursuant to ORS chapter 183, adopt rules necessary to carry out its duties.

(2) The commission shall publish:

(a) A periodic newsletter describing proposed bond issues, bond sales, refundings, credit rating changes and other information relating to municipal bonds that is pertinent to issuers, underwriters, investors and the public.

(b) An annual report describing and evaluating the operations of the commission during the preceding year.

(3) The commission may charge reasonable fees for providing services under subsection (1) of this section.

(4) The commission shall transfer the amounts received under this section to the State Treasurer for deposit in the Miscellaneous Receipts Account in the General Fund for the State Treasurer described in ORS 286A.016 (Disposition of charges) . The moneys deposited in the account pursuant to this section are continuously appropriated to the State Treasurer for payment of expenses of the State Treasurer in providing services to the commission pursuant to ORS 287A.632 (Meetings) . [Formerly 287.034]

Source: Section 287A.634 — Powers and duties of commission; rules; fees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 287a.488 — OR Code / Title 27 / Chapter 287a / Section 287a.488
287A.488 Taxes must be levied for payment of claims included in master warrant
Status: in_force

No master warrant shall be issued under ORS 287A.482 (Definitions for ORS 287A.482 to 287A.488) to 287A.488 (Taxes must be levied for payment of claims included in master warrant) unless taxes have been levied for the payment of all claims included in the master warrant and such taxes are in the process of being collected at the time of the issuance of the master warrant. [Formerly 287.488]

Source: Section 287A.488 — Taxes must be levied for payment of claims included in master warrant , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.190 — OR Code / Title 27 / Chapter 286a / Section 286a.190
286A.190 Disclosure of bond ownership
Status: in_force

The records of bond ownership are not public records for purposes of ORS 192.311 (Definitions for ORS 192.311 to 192.478) to 192.478 (Exemption for Judicial Department) or other law governing the disclosure of information. [2007 c.783 §25]

Source: Section 286A.190 — Disclosure of bond ownership , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.250 — OR Code / Title 27 / Chapter 286a / Section 286a.250
286A.250 State Debt Policy Advisory Commission
Status: in_force

(1) There is established a State Debt Policy Advisory Commission, consisting of five members.

(2) The State Treasurer and the Director of the Oregon Department of Administrative Services shall serve as ex officio members of the commission. One member of the commission must be a member of the Senate appointed by the President of the Senate. One member of the commission must be a member of the House of Representatives appointed by the Speaker of the House. One member of the commission must be a public member, knowledgeable on matters of public finance, appointed by the Governor from among those persons recommended by the State Treasurer.

(3) The term of an appointed member is two years, but an appointed member serves at the pleasure of the appointing authority. Before the expiration of the term of an appointed member, the appointing authority shall appoint a successor. If there is a vacancy for any reason in the office of an appointed member, the appointing authority shall make an appointment to become immediately effective for the unexpired term.

(4) A member of the commission is entitled to compensation and expenses as provided in ORS 292.495 (Compensation and expenses of members of state boards and commissions) .

(5) The State Treasurer shall serve as chairperson of the commission, with the duties and powers necessary for the performance of that office that the commission determines appropriate.

(6) A majority of the members of the commission constitutes a quorum for the transaction of business.

(7) The commission shall meet at least once every year at a place and time determined by the commission. The commission also shall meet at other times and places specified by the call of the chairperson or of a majority of the members of the commission.

(8) The office of the State Treasurer shall provide the commission with office space and clerical and other administrative support.

(9) When preparing documents or reports or other materials for or by the State Debt Policy Advisory Commission, and prior to the release of the documents, reports or other materials to the public, the State Treasurer shall consult and share the documents, reports or other materials with the Oregon Department of Administrative Services and the Legislative Fiscal Office. [Formerly 286.550; 2015 c.40 §1; 2016 c.118 §5]

Note: 286A.250 (State Debt Policy Advisory Commission) and 286A.255 (Functions and duties of commission) were enacted into law by the Legislative Assembly but were 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.250 — State Debt Policy Advisory Commission; membership; compensation; quorum; meetings; personnel; consultation with other agencies , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 289.120 — OR Code / Title 27 / Chapter 289 / Section 289.120
289.120 Limitation on manner of operating project and expenditure of funds
Status: in_force

Except as provided in ORS 289.115 (Functions) (2), the state shall not have power to operate any eligible project as a business or in any manner whatsoever. Nothing in this chapter authorizes the state to expend any funds on any eligible project, other than the revenues of such projects, or the proceeds of revenue bonds issued under this chapter, or other funds granted to the state for the purposes of an eligible project. [1989 c.820 §8]

Source: Section 289.120 — Limitation on manner of operating project and expenditure of funds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.625 — OR Code / Title 27 / Chapter 286a / Section 286a.625
286A.625 State Treasurer to maintain records
Status: in_force

The State Treasurer shall maintain the official state private activity bond volume cap records and provide administrative support to the Private Activity Bond Committee. [Formerly 286.645]

Source: Section 286A.625 — State Treasurer to maintain records , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.772 — OR Code / Title 27 / Chapter 286a / Section 286a.772
286A.772 Payment of bond-related costs
Status: in_force

For each biennium in which Article XI-M 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-M Bond Fund and the Article XI-M Bond Administration Fund, is sufficient to pay the bond-related costs that are scheduled to come due in the biennium. [Formerly 286.772; 2016 c.117 §49]

Source: Section 286A.772 — Payment of bond-related costs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.720 — OR Code / Title 27 / Chapter 286a / Section 286a.720
286A.720 Payment of bond-related costs
Status: in_force

For each biennium in which Article XI-D 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-D Bond Fund and the Article XI-D Bond Administration Fund, is sufficient to pay the bond-related costs that are scheduled to come due in the biennium. [2009 c.893 §7; 2016 c.117 §48]

Source: Section 286A.720 — Payment of bond-related costs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.782 — OR Code / Title 27 / Chapter 286a / Section 286a.782
286A.782 Authority of State Treasurer to issue bonds
Status: in_force

(1) Article XI-N 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-N bonds. The State of Oregon shall pledge its full faith and credit and taxing power to pay Article XI-N bonds, except that the ad valorem taxing power of the State of Oregon may not be pledged to pay Article XI-N bonds.

(2) The State Treasurer, with the concurrence of the Director of the Oregon Business Development Department, may issue Article XI-N bonds as provided in this chapter, subject to the limit on bond issuance established for the particular biennium pursuant to ORS 286A.035 (Bond budget authorization) and at the request of the Director of the Oregon Department of Administrative Services, for the purpose of financing all or a portion of the state share of costs to plan and implement seismic rehabilitation of emergency services buildings in the amount of the state share of costs, plus an amount determined by the State Treasurer to pay estimated bond-related costs.

(3) The State Treasurer shall transfer the net proceeds of Article XI-N bonds issued for the purpose described in subsection (2) of this section to the Oregon Business Development Department for deposit in the Emergency Services Seismic Fund established under ORS 286A.788 (Emergency Services Seismic Fund) . [Formerly 286.782; 2013 c.782 §9; 2017 c.9 §20]

Source: Section 286A.782 — Authority of State Treasurer to issue bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.005 — OR Code / Title 27 / Chapter 286a / Section 286a.005
286A.005 Authority of State Treasurer to issue bonds
Status: in_force

(1) The State Treasurer shall issue and sign bonds of the State of Oregon. The State Treasurer may sign a bond by manual or facsimile signature.

(2) Unless otherwise authorized by law other than this section, the State Treasurer may issue bonds only if a related agency has requested that the bonds be issued.

(3) In determining whether to issue bonds, the State Treasurer shall consider:

(a) The bond market for the type of bonds proposed for issuance;

(b) The terms and conditions of the proposed issue; and

(c) Other relevant factors that the State Treasurer considers necessary to protect the financial integrity of the State of Oregon.

(4) The State Treasurer may sell bonds for more than one related agency or for more than one purpose in a single sale or in combination with the sale of other bonds.

(5) The State Treasurer is an applicable elected representative for the purpose of approving the issuance of bonds when approval is required under section 147(f) of the Internal Revenue Code.

(6) The State Treasurer may adopt rules providing for the procedural or administrative requirements for the issuance of obligations, as defined in ORS 286A.100 (Definitions for ORS 286A.100 and 286A.102) . [2007 c.783 §3]

Source: Section 286A.005 — Authority of State Treasurer to issue bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.848 — OR Code / Title 27 / Chapter 286a / Section 286a.848
286A.848 Authority of State Treasurer to issue Article XI-G bonds
Status: in_force

(1) In accordance with the applicable provisions of this chapter, the State Treasurer, with the concurrence of the Higher Education Coordinating Commission, may issue Article XI-G bonds for the benefit of a public university or a community college if:

(a) The Director of the Oregon Department of Administrative Services requests that bonds be issued for the purposes specified in Article XI-G of the Oregon Constitution, plus an amount determined by the State Treasurer to pay estimated bond-related costs;

(b) The issuance does not exceed the budget authorization for bond issuance established under ORS 286A.035 (Bond budget authorization) ; and

(c) A grant contract is executed under ORS 286A.851 (Grant contracts for Article XI-G bonds) prior to sale of the bonds.

(2) The State Treasurer may issue Article XI-G bonds for the purpose of refunding Article XI-G bonds without a request from the director when the State Treasurer determines it is in the best interests of the State of Oregon to refund Article XI-G bonds.

(3) The State Treasurer shall deposit the net proceeds of Article XI-G bonds in one or more project funds established in the State Treasury or with a third party under contract with the Oregon Department of Administrative Services and approved by the State Treasurer. Net proceeds of Article XI-G bonds must be expended for the purposes described in the commission’s budget authorization.

(4) If at any time the department and the commission jointly determine that the net proceeds of Article XI-G bonds deposited in a project fund pursuant to subsection (3) of this section exceed the cost of the project described in the commission’s budget authorization, the department may allocate and transfer the excess amount as determined by the department to other project funds, the Article XI-G Bond Fund established under ORS 286A.854 (Article XI-G Bond Fund) or the Article XI-G Bond Administration Fund established under ORS 286A.857 (Article XI-G Bond Administration Fund) .

(5) Article XI-G bonds are direct general obligations 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-G 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-G bonds, and the ad valorem taxing power of the State of Oregon may be pledged to pay Article XI-G bonds. [2015 c.828 §8; 2017 c.9 §10]

Source: Section 286A.848 — Authority of State Treasurer to issue Article XI-G bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.712 — OR Code / Title 27 / Chapter 286a / Section 286a.712
286A.712 Authority of State Treasurer to issue bonds
Status: in_force

(1) Article XI-D 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-D bonds. The State of Oregon shall pledge its full faith and credit and taxing power to pay Article XI-D bonds, except that the ad valorem taxing power of the State of Oregon may not be pledged to pay Article XI-D bonds.

(2) In accordance with the applicable provisions of this chapter, the State Treasurer, with the concurrence of the Director of the State Department of Energy, may issue Article XI-D bonds:

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

(b) Subject to the limit on bond issuance established for the particular biennium in ORS 286A.035 (Bond budget authorization) .

(3) The State Treasurer may issue Article XI-D bonds for the purpose of financing the refund of Article XI-D bonds.

(4) The State Treasurer shall transfer the net proceeds of Article XI-D bonds issued for the purpose described in subsection (2)(a) of this section to the State Department of Energy for deposit in the Renewable Energy Fund established under ORS 286A.718 (Renewable Energy Fund) . [2009 c.893 §3; 2017 c.9 §18]

Source: Section 286A.712 — Authority of State Treasurer to issue bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.801 — OR Code / Title 27 / Chapter 286a / Section 286a.801
286A.801 Matching fund grants to school districts
Status: in_force

(1) The Department of Education shall administer a grant program that is financed with the net proceeds of Article XI-P bonds and that provides matching fund grants to school districts for capital costs of the school districts. Any construction, improvement, remodel, equipment, maintenance or repair of a building of a school district that is financed with a grant received under this section is not required to meet the standards specified in ORS 286A.810 (LEED certification of school projects financed with Article XI-P bonds) .

(2) A school district that seeks a grant under this section must prepare and submit a facilities assessment and a long-range facilities plan to the department with the application for the grant.

(3) A school district is eligible to receive a grant under this section if:

(a) The school district complies with the requirements of this section and rules adopted pursuant to this section; and

(b) Moneys are available to the school district pursuant to subsection (6) of this section.

(4) A school district that receives a grant under this section must provide matching funds that meet or exceed the amount of the grant. The matching funds must be from general obligation bonds approved by the voters of the school district to finance capital costs of the school district.

(5) Grants awarded under this section shall be calculated as follows, subject to subsection (8) of this section:

(a) For a school district that provides matching funds in any amount up to $6 million, a matching ratio for state to local funds of one to one.

(b) For a school district that provides matching funds in any amount greater than $6 million, a matching ratio for state to local funds that is based on the funding formula developed as provided in subsection (7)(c) of this section. Grants awarded under this paragraph shall be for a minimum of $6 million per grant and a maximum of $12 million per grant.

(6) Intentionally left blank —Ed.

(a) The department shall award grants to school districts as follows:

(A) Sixty-six percent of funds available for grants shall be based on the priority list established under subsection (7)(b) of this section; and

(B) Thirty-four percent of funds available for grants shall be provided to school districts based on the order in which the Department of Education receives the completed applications for the grants.

(b) To the extent that moneys are available, a school district that receives moneys as provided by paragraph (a)(A) of this subsection also may receive moneys as provided by paragraph (a)(B) of this subsection. The total amount the school district receives may not exceed the maximum amount allowed under subsection (5) of this section.

(7) Intentionally left blank —Ed.

(a) For the purpose of awarding grants under this section, the department shall develop a priority list and a funding formula that are based on factors that may include:

(A) The total assessed value of all tangible property located in the school district;

(B) The percentage of poverty families within the school district, as calculated under ORS 327.013 (State School Fund distribution computations for school districts) (1)(c)(A)(v)(I);

(C) The number of students in average daily membership for the school district, as calculated under ORS 327.061 (Computation of number of students in average daily membership) ; and

(D) Other factors adopted by the State Board of Education by rule.

(b) The priority list developed under this subsection shall be used to rank the order in which school districts may qualify to receive a grant under subsection (6)(a)(A) of this section.

(c) The funding formula developed under this subsection shall be used to determine the matching ratio for state to local funds. The funding formula must comply with the limits described in subsection (5) of this section.

(8) To account for effects of inflation, the State Board of Education shall, by rule, biennially adjust the dollar amounts specified in subsection (5) of this section based on the Consumer Price Index for All Urban Consumers, West Region (All Items), as published by the Bureau of Labor Statistics of the United States Department of Labor.

(9) The State Board of Education may adopt any rules necessary for the administration of this section. [2015 c.783 §2; 2023 c.175 §1]

Source: Section 286A.801 — Matching fund grants to school districts; requirements; awards; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.100 — OR Code / Title 27 / Chapter 286a / Section 286a.100
286A.100 Definitions for ORS 286A.100 and 286A.102
Status: in_force

As used in this section and ORS 286A.102 (Lien of a pledge) :

(1) “Obligation” means:

(a) A bond;

(b) An agreement for exchange of interest rates with the State of Oregon; or

(c) A credit enhancement device given as additional security for a bond.

(2) “Pledge” means:

(a) To create a security interest in or a lien on property to secure payment or performance of an obligation, by mortgaging, assigning or encumbering property or by creating a security interest in property by any other manner.

(b) A security interest in or lien on property created under paragraph (a) of this subsection.

(3) “Pledgee” means:

(a) A trustee for the holder of an obligation; or

(b) The holder of an obligation if a trustee was not appointed in the operative document or if the operative document authorizes the holder of an obligation to foreclose the lien of a pledge and enforce the remedies consequent to the pledge in lieu of the trustee.

(4) “Property” means:

(a) Real or personal property, tangible or intangible, whether owned when the pledge is made or acquired subsequently to the time the pledge is made; and

(b) Revenues, contract rights, receivables or securities. [2007 c.783 §17; 2009 c.537 §8]

Source: Section 286A.100 — Definitions for ORS 286A.100 and 286A.102 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.123 — OR Code / Title 27 / Chapter 286a / Section 286a.123
286A.123 Agency purchase of own bonds
Status: in_force

(1) A related agency, with the approval of the State Treasurer, or the State Treasurer, on behalf of a related agency:

(a) May bid for, purchase, hold, cause to be held in trust and remarket bonds issued by the State Treasurer on behalf of the related agency.

(b) May not, except as provided in ORS 293.793 (Purchase or acquisition of state government bonds) (2), bid for, purchase, hold, cause to be held in trust and remarket bonds issued by the State Treasurer on behalf of another state agency.

(2) Except as otherwise provided in the operative documents, the purchase or acquisition of bonds under subsection (1) of this section does not cancel or extinguish the bonds unless the related agency elects in writing to cancel or extinguish the bonds.

(3) In addition to other uses authorized by law, a related agency, or the State Treasurer on behalf of a related agency, may purchase bonds under subsection (1) of this section using moneys that are:

(a) Deposited in a fund or account in the State Treasury for the use of the related agency or held by a trustee of the related agency; and

(b) Appropriated or otherwise legally available to the related agency for repayment of the bonds or for payment of the costs of the related agency to administer the program under which the bonds were sold, including bond proceeds and reserves established for the bonds.

(4) Within two business days after using the authority to purchase bonds under this section, the State Treasurer shall notify the legislative revenue committees, when the Legislative Assembly is in regular or special session, or the Legislative Revenue Officer and the Legislative Fiscal Officer, during the interim, of:

(a) The amount and status of the bonds purchased by or on behalf of a related agency under this section; and

(b) The current or anticipated interest rates applicable to the bonds.

(5) Not later than February 1 of each year, the State Treasurer shall submit a report to the legislative revenue committees, when the Legislative Assembly is in regular or special session, or to the Legislative Revenue Officer and the Legislative Fiscal Officer, during the interim, describing:

(a) The amount and status of bonds purchased during the previous year by or on behalf of related agencies under this section; and

(b) The savings realized or costs incurred by related agencies from the purchase of bonds under this section. [2009 c.537 §2]

Source: Section 286A.123 — Agency purchase of own bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.365 — OR Code / Title 27 / Chapter 287a / Section 287a.365
287A.365 Advance refunding bonds and forward current refunding
Status: in_force

(1) The Legislative Assembly declares that the issuance of advance refunding bonds and the authority to effect a forward current refunding are matters of general statewide concern, and ORS 287A.360 (Current refunding bonds) to 287A.380 (Tax levy to pay maturing general obligation advance refunding bonds) preempt all local statutory or charter authority to issue advance refunding bonds or to effect a forward current refunding.

(2) A public body may issue advance refunding bonds or enter into forward current refundings in compliance with:

(a) ORS 287A.360 (Current refunding bonds) to 287A.380 (Tax levy to pay maturing general obligation advance refunding bonds) ; and

(b) Rules adopted by the State Treasurer.

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

(4) The maturities of advance refunding bonds and forward 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 bonds; and

(b) A maturity limit imposed by a provision of a constitution, charter or statute that applied to the refunded bonds, if the provision imposing the limit is in effect when the refunding bonds are issued. [2007 c.783 §55; 2011 c.256 §2]

Source: Section 287A.365 — Advance refunding bonds and forward current refunding , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.842 — OR Code / Title 27 / Chapter 286a / Section 286a.842
286A.842 Article XI-F(1) Bond Administration Fund
Status: in_force

(1) The Article XI-F(1) 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-F(1) 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-F(1) 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-F(1) 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-F(1) Bond Administration Fund. [2015 c.828 §6]

Source: Section 286A.842 — Article XI-F(1) Bond Administration Fund; purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.010 — OR Code / Title 27 / Chapter 287a / Section 287a.010
287A.010 Powers conveyed to public bodies
Status: in_force

The powers conveyed to public bodies by ORS 287A.001 (Definitions for ORS chapter 287A) to 287A.380 (Tax levy to pay maturing general obligation advance refunding bonds) are in addition to any other powers possessed by public bodies and do not limit those other powers. [2007 c.783 §68]

Source: Section 287A.010 — Powers conveyed to public bodies , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 289.205 — OR Code / Title 27 / Chapter 289 / Section 289.205
289.205 Expenses of State Treasurer
Status: in_force

Reasonable administrative expenses of the State Treasurer shall be charged against bond proceeds or project revenues. [1989 c.820 §10; 2007 c.783 §115]

Source: Section 289.205 — Expenses of State Treasurer , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 287a.345 — OR Code / Title 27 / Chapter 287a / Section 287a.345
287A.345 State taxation of bond interest
Status: in_force

Interest on bonds of a public body is exempt from personal income tax under ORS chapter 316. [2007 c.783 §65]

Source: Section 287A.345 — State taxation of bond interest , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 289.230 — OR Code / Title 27 / Chapter 289 / Section 289.230
289.230 Actions by bondholders to enforce rights
Status: in_force

Subject to any contractual limitation binding upon the holders of any issue of revenue bonds, or a trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or any trustee therefor, for the equal benefit and protection of all bondholders similarly situated, may:

(1) By action or proceeding for legal or equitable remedies, enforce their rights against the state and any of its officers, agents and employees, and may require and compel the state or any such officers, agents or employees to perform and carry out its and their duties and obligations under this chapter and its and their covenants and agreements with bondholders;

(2) By action require the state to account as if it was the trustee of an express trust;

(3) By action enjoin any acts or things which may be unlawful or in violation of the right of the bondholders;

(4) Bring action upon the bonds;

(5) Foreclose any mortgage or lien given under the authority of this chapter and cause the property standing as security to be sold under any proceedings permitted by law or equity; and

(6) Exercise any right or remedy conferred by this chapter without exhausting and without regard to any other right or remedy conferred by this chapter or any other law of this state, none of which rights and remedies is intended to be exclusive of any other, and each is cumulative and in addition to every other right and remedy. [1989 c.820 §15]

Source: Section 289.230 — Actions by bondholders to enforce rights , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 286a.760 — OR Code / Title 27 / Chapter 286a / Section 286a.760
286A.760 Definitions for ORS 286A.760 to 286A.772
Status: in_force

As used in ORS 286A.760 (Definitions for ORS 286A.760 to 286A.772) to 286A.772 (Payment of bond-related costs) , unless the context requires otherwise:

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

(2) “Bond administration fund” means the Article XI-M Bond Administration Fund established under ORS 286A.766 (Article XI-M Bond Administration Fund) .

(3) “Bond fund” means the Article XI-M Bond Fund established under ORS 286A.764 (Article XI-M 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-M bonds;

(b) The costs and expenses of issuing, administering and maintaining Article XI-M bonds including, but not limited to, redeeming Article XI-M bonds and 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 advisers retained by the State Treasurer or the department for the purpose of issuing, administering or maintaining Article XI-M bonds;

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

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

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

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

(5) “Plan and implement seismic rehabilitation” includes:

(a) Surveying and conducting engineering evaluations of the need for seismic rehabilitation; and

(b) Paying costs of personnel, advisors, equipment, supplies and services that are reasonably necessary to develop and carry out the seismic rehabilitation grant program described in ORS 401.910 (Grant program for seismic rehabilitation of certain facilities) .

(6) “Seismic fund” means the Education Seismic Fund established under ORS 286A.768 (Education Seismic Fund) .

(7) “State share of costs” means total costs minus contributions from applicants as required by the Oregon Business Development Department. [Formerly 286.760; 2013 c.782 §4; 2016 c.55 §1]

Source: Section 286A.760 — Definitions for ORS 286A.760 to 286A.772 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 287a.370 — OR Code / Title 27 / Chapter 287a / Section 287a.370
287A.370 Proposed refunding plan for advance refunding bonds or forward current refunding
Status: in_force

(1) The State Treasurer shall review the plan of a public body to issue advance refunding bonds or to enter into a forward current refunding to determine whether the plan complies with applicable rules of the State Treasurer, as provided in this section.

(2) After adoption of an ordinance or resolution approving a plan to issue advance refunding bonds or to enter into a forward current refunding, a public body shall submit the refunding plan to the State Treasurer for review and approval.

(3) After review of a proposed refunding plan, the State Treasurer shall advise the public body, in writing, whether the plan is approved. If the State Treasurer does not notify the public body within 30 business days after receipt of the plan, the plan is deemed approved. A public body may issue advance refunding bonds or enter into a forward current refunding in accordance with a refunding plan approved by the State Treasurer.

(4) The State Treasurer may adopt rules to regulate forward current refunding and the issuance of advance refunding bonds.

(5) The State Treasurer may charge public bodies fees and expenses as provided in ORS 286A.014 (Fees and expenses of State Treasurer) in connection with the activities of this section. [2007 c.783 §56]

Source: Section 287A.370 — Proposed refunding plan for advance refunding bonds or forward current refunding; rules; fees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 287a.300 — OR Code / Title 27 / Chapter 287a / Section 287a.300
287A.300 Terms and conditions of bond sales
Status: in_force

(1) Notwithstanding a local charter or statutory limitation, when a public body is authorized by law to issue bonds, the public body may:

(a) Combine bonds authorized by different laws or actions of the governing body into a single issue and use a single disclosure document if the bonds in the issue will have the same security, or may use a single disclosure document for bonds authorized by different laws or actions of the governing body if the bonds have different security.

(b) Structure, market and issue bonds in the manner that the public body determines is in the best interest of the people served by the public body.

(c) Sell bonds at a competitive sale or a negotiated sale or in any other manner determined by the public body.

(d) Issue bonds the interest on which is exempt from federal income taxes or is not exempt from federal income taxes.

(e) Establish the maturity dates for bonds to provide for short-term, interim or long-term borrowing and establish the principal amounts, redemption provisions, optional or mandatory tender provisions, interest rates or method for determining a variable or adjustable interest rate, denominations and other terms and conditions of the bonds.

(f) Determine the form and content of bond disclosure documents.

(g) Enter into an agreement with and retain the services of bond counsel and other providers of bond-related services.

(h) Execute and deliver indentures, bond purchase agreements, trust agreements, remarketing agreements, auction agent agreements, broker dealer agreements, tender agent agreements, escrow agreements and other contracts related to the sale, issuance, security for or administration of the bonds.

(i) Enter into agreements with bond trustees and deposit moneys with trustees for the benefit of bond owners and the providers of credit enhancement devices for bonds.

(j) Enter into covenants for the benefit of bond owners or the providers of credit enhancement devices or agreements for exchange of interest rates, including but not limited to covenants regarding the issuance of additional bonds and rate covenants.

(k) Enter into covenants for the benefit of owners of bonds that are intended to allow bonds to bear interest that is excludable from gross income under the federal Internal Revenue Code or that is otherwise exempt from taxation by the United States.

(L) Take action to comply with covenants.

(m) Establish bond debt service reserves.

(n) Fund debt service reserves out of bond proceeds or from other revenues.

(o) Specify the individuals who may sign the bonds on behalf of the public body.

(2) When the Oregon Constitution, a charter, a statute, an ordinance or a resolution authorizes a public body to spend bond proceeds for a particular purpose, the public body may also spend bond proceeds to finance costs of issuing, administering and repaying the bonds, including costs of the services of bond counsel or other providers of bond-related services, and to pay the costs of a credit enhancement device or agreement for exchange of interest rates.

(3) When a public body redeems bonds, the public body shall give notice of redemption in the manner specified in the documents authorizing the bonds to be redeemed.

(4) A public body may delegate to an elected or appointed official or an employee of the public body the authority to take an action described in subsection (1) of this section.

(5) Except as provided otherwise in this subsection, at least one of the signatures of bond signatories must be provided in manual form. However, if the bonds are to be authenticated by at least one signature in manual form, all signatures of bond signatories may be in facsimile form. [2007 c.783 §§48,49; 2009 c.538 §7; 2011 c.256 §2a]

Source: Section 287A.300 — Terms and conditions of bond sales; delegation of authority , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 287a.150 — OR Code / Title 27 / Chapter 287a / Section 287a.150
287A.150 Authority of public body to issue revenue bonds
Status: in_force

(1) In addition to any other authority to issue revenue bonds, a public body may authorize revenue bonds by resolution or nonemergency ordinance pursuant to this section for a public purpose.

(2) If revenue bonds are authorized by nonemergency ordinance, a public body may not sell the revenue bonds pursuant to this section until the period for referral of the ordinance has expired. If electors of a public body refer a nonemergency ordinance authorizing issuance of revenue bonds, the public body may not sell the revenue bonds unless the electors approve issuance of the revenue bonds.

(3) If revenue bonds are authorized by resolution:

(a) A public body may not sell the revenue bonds until at least 60 days following publication of the notice required in subsection (4) of this section.

(b) The resolution must provide that electors residing within the public body may file a petition with the public body asking the public body to refer the question of whether to issue the revenue bonds to a vote. If within 60 days after the publication of the notice described in subsection (4) of this section, electors file petitions with the public body containing valid signatures of at least five percent of the public body’s electors, the public body:

(A) Shall place the question of issuing the revenue bonds on the ballot at the next lawfully available election date; and

(B) May not sell the revenue bonds described in the notice unless a majority of the electors voting on the question of issuing the revenue bonds approve.

(4) A public body authorizing revenue bonds by resolution shall publish a notice describing the purposes for which the revenue bonds will be sold in at least one newspaper of general circulation within the boundaries of the public body in the same manner as other public notices of the public body. At a minimum, the notice must contain:

(a) The date the resolution was adopted and the number thereof, if any;

(b) The expected source of revenue for repayment of the revenue bonds;

(c) The estimated principal amount of the revenue bonds to be sold;

(d) The procedures by which electors may cause the question of issuing the revenue bonds to be referred to a vote;

(e) The period within which electors must file signed petitions to cause referral; and

(f) The fact that the resolution is available for inspection at the appropriate office of the public body.

(5) If revenue bonds are authorized by nonemergency ordinance under subsection (2) of this section, the revenue bonds may be secured by the revenues or other property of the public body that is described in the nonemergency ordinance. If revenue bonds are authorized by resolution under subsection (3) of this section, the revenue bonds may be secured by the revenues or other property of the public body that is described in the notice required under subsection (4) of this section.

(6) A public body may issue refunding bonds under ORS 287A.360 (Current refunding bonds) to 287A.380 (Tax levy to pay maturing general obligation advance refunding bonds) to pay revenue bonds that were authorized by this section. The procedures and limitations of subsections (1) to (5) of this section do not apply to refunding bonds. [2007 c.783 §46]

Source: Section 287A.150 — Authority of public body to issue revenue bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 287a.339 — OR Code / Title 27 / Chapter 287a / Section 287a.339
287A.339 Termination payment of conduit borrower
Status: in_force

When a public body is authorized by law to issue bonds, the public body may lend moneys derived from an issuance and sale of bonds to a conduit borrower of proceeds from outstanding, previously issued conduit revenue bonds for the purpose of paying a termination payment required to be paid by the borrower under an agreement for exchange of interest rates entered into by the borrower in relation to the outstanding conduit revenue bonds. [2009 c.538 §6]

Note: 287A.339 (Termination payment of conduit borrower) was added to and made a part of ORS chapter 287A by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

Source: Section 287A.339 — Termination payment of conduit borrower , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.132 — OR Code / Title 27 / Chapter 286a / Section 286a.132
286A.132 Debt-related advisory services
Status: in_force

(1) In addition to authority conferred by law other than this section, 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:

(a) Providers of investment advisory services or advisory services related to agreements for exchange of interest rates;

(b) Providers of banking services;

(c) Escrow agents;

(d) Providers of fiscal or paying agent services;

(e) Collateral custodians;

(f) Providers of investment contracts;

(g) Remarketing agents; or

(h) Other bond-related or credit enhancement device-related agents or service professionals, or other persons with relevant expertise, to assist the State Treasurer or the related agency in the performance of the duties of the State Treasurer or the related agency under this chapter.

(2) The related agency shall pay the expenses incurred in providing the services described in this section unless the related agency requires a recipient of bond sale proceeds to pay the expenses.

(3) The Public Contracting Code does not apply to an agreement entered into under this section.

(4) When the Oregon Constitution or a law of this state authorizes bond proceeds to be spent for a particular purpose, the authorization also includes authorization to spend bond proceeds for bond counsel, attorney, consultant, fiscal or paying agent, trustee or other professional fees and other expenses incurred by the related agency or the State Treasurer to authorize, issue, administer and repay the bonds, including fees payable to the State Treasurer. [2007 c.783 §21]

Source: Section 286A.132 — Debt-related advisory services , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.140 — OR Code / Title 27 / Chapter 286a / Section 286a.140
286A.140 State taxation of bond interest
Status: in_force

Except as provided in ORS 289.250 (Limitation on income tax exemption for interest on revenue bonds) , interest on all bonds of the State of Oregon is exempt from personal income tax under ORS chapter 316. [2007 c.783 §22; 2015 c.548 §4]

Source: Section 286A.140 — State taxation of bond interest , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.780 — OR Code / Title 27 / Chapter 286a / Section 286a.780
286A.780 Definitions for ORS 286A.780 to 286A.792
Status: in_force

As used in ORS 286A.780 (Definitions for ORS 286A.780 to 286A.792) to 286A.792 (Payment of bond-related costs) , unless the context requires otherwise:

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

(2) “Bond administration fund” means the Article XI-N Bond Administration Fund established under ORS 286A.786 (Article XI-N Bond Administration Fund) .

(3) “Bond fund” means the Article XI-N Bond Fund established under ORS 286A.784 (Article XI-N 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-N bonds;

(b) The costs and expenses of issuing, administering and maintaining Article XI-N bonds including, but not limited to, redeeming Article XI-N bonds and 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 advisers retained by the State Treasurer or the department for the purpose of issuing, administering or maintaining Article XI-N bonds;

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

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

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

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

(5) “Plan and implement seismic rehabilitation” includes:

(a) Surveying and conducting engineering evaluations of the need for seismic rehabilitation; and

(b) Paying costs of personnel, advisors, equipment, supplies and services that are reasonably necessary to develop and carry out the seismic rehabilitation grant program described in ORS 401.910 (Grant program for seismic rehabilitation of certain facilities) .

(6) “Seismic fund” means the Emergency Services Seismic Fund established under ORS 286A.788 (Emergency Services Seismic Fund) .

(7) “State share of costs” means total costs minus contributions from applicants as required by the Oregon Business Development Department. [Formerly 286.780; 2013 c.782 §8; 2016 c.55 §2]

Source: Section 286A.780 — Definitions for ORS 286A.780 to 286A.792 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 286a.145 — OR Code / Title 27 / Chapter 286a / Section 286a.145
286A.145 Federal taxation of bond interest
Status: in_force

(1) The State Treasurer or a related agency may enter into covenants for the benefit of owners of bonds that are intended to allow the bonds to bear interest that is excluded from gross income under the federal Internal Revenue Code or that is otherwise exempt from taxation by the United States. The State Treasurer or a related agency may adopt rules or procedures that are intended to facilitate compliance with those covenants, and may take any action that is required to comply with those covenants. Covenants authorized by this subsection include, but are not limited to, covenants to:

(a) Pay any rebates of earnings or penalties to the United States;

(b) Invest proceeds alone or in combination with other moneys in investments that have different maturities, yields or credit qualities than the state would acquire under the investment standards specified in ORS 293.721 (General objective of investments) and 293.726 (Standard of judgment and care in investments) and other similar laws, but only if those investments facilitate compliance with covenants described in this subsection; or

(c) Restrict the expenditure of bond proceeds or restrict the operation of, or otherwise limit the use of, facilities that are financed with bonds.

(2) When the State of Oregon receives interest rate subsidies from the United States in connection with bonds, the State Treasurer or the related agency, to the extent permitted by federal law, may:

(a) Apply the subsidies to pay bonds of the related agency and credit the subsidies to an account that is used to pay bonds of the related agency;

(b) Pledge the subsidies to secure bonds of the related agency; or

(c) Use the subsidies to pay costs that would otherwise be paid with proceeds of bonds of the related agency and credit the subsidies to accounts that are used to pay the costs. [2007 c.783 §23; 2010 c.3 §6]

Source: Section 286A.145 — Federal taxation of bond interest; interest rate subsidies; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).
ORS § 289.115 — OR Code / Title 27 / Chapter 289 / Section 289.115
289.115 Functions
Status: in_force

In carrying out its duties under this chapter, the Oregon Facilities Authority, acting for and in behalf of the state as its duly authorized agency, may:

(1) Acquire, construct and hold in whole or in part any lands, buildings, easements, water and air rights, improvements to lands and buildings and capital equipment to be located permanently or used exclusively on such lands or in such buildings, which are considered necessary in connection with an eligible project to be situated within this state, and construct, reconstruct, improve, better and extend such projects, and enter into contracts therefor; and

(2) Sell and convey all properties acquired in connection with eligible projects, including without limitation the sale and conveyance thereof subject to any mortgage and the sale and conveyance thereof under an option granted to the lessee of the eligible project, for such price, and at such time as the state may determine. However, no sale or conveyance of such properties shall ever be made in such manner as to impair the rights of interests of the holder, or holders, or any bonds issued under the authority of this chapter. [1989 c.820 §7; 1991 c.408 §3]

Source: Section 289.115 — Functions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html (accessed May 26, 2025).
ORS § 287a.335 — OR Code / Title 27 / Chapter 287a / Section 287a.335
287A.335 Agreements for exchange of interest rates
Status: in_force

(1) As used in this section, “counterparty” means an entity with whom a public body enters into an agreement for exchange of interest rates.

(2) Upon a finding by a public body that an agreement for exchange of interest rates benefits the public body, the public body may enter into the agreement for exchange of interest rates with a counterparty. An agreement for exchange of interest rates may be made to manage payment, interest rate, spread or similar exposure undertaken in connection with related bonds that:

(a) Exist when the agreement for exchange of interest rates is executed;

(b) Are reasonably expected to be executed when regularly scheduled payments are due from the issuer under the agreement; or

(c) Are identified after the agreement for exchange of interest rates is executed and substituted for related bonds described in paragraph (a) or (b) of this subsection as a result of prepayment, refunding, conversion, ratings changes, redemption, defeasance or other similar event.

(3) Upon entering into an agreement for exchange of interest rates under this section and continuing until the agreement is satisfied, terminated or otherwise no longer in effect, provided a payment default has not occurred, the public body may treat the amount or rate of interest on the related bond as the amount or rate of interest payable after giving effect to the agreement for exchange of interest rates for the purpose of calculating:

(a) Tax levies to pay regularly scheduled bond debt service; and

(b) Other amounts that are based on the rate of interest of the bond.

(4) Subject to covenants applicable to a related bond and the limitations of this section, payments required under an agreement for exchange of interest rates may:

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

(b) Be made from revenues or other moneys contributed to or legally available 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 public body determines.

(5) In connection with entering into an agreement for exchange of interest rates, a public body may obtain a credit enhancement device to secure the agreement for exchange of interest rates.

(6) An agreement for exchange of interest rates entered into under this section:

(a) Is not a debt or other obligation of the issuer for purposes of any limitation upon the indebtedness of the issuer.

(b) Is subject only to the limitations of this section and is not subject to other limitations applicable to the related borrowing.

(7) A termination payment required to be paid by the public body under an agreement for exchange of interest rates:

(a) May be paid from moneys derived from the issuance and sale of revenue bonds.

(b) May not be paid from ad valorem property taxes levied outside the limitations of section 11 or 11b, Article XI of the Oregon Constitution.

(8) The Oregon Municipal Debt Advisory Commission shall adopt administrative rules establishing required terms, conditions, annual or periodic reporting requirements and other requirements for an agreement for exchange of interest rates entered into by a public body, if the commission determines those requirements are desirable to protect the interests of the public body.

(9) A public body may create reserves to pay amounts due under agreements for exchange of interest rates and fund the reserves with moneys derived from the issuance and sale of bonds or from revenues or other moneys described in subsection (4)(b) of this section. [2007 c.783 §53; 2009 c.538 §8]

Source: Section 287A.335 — Agreements for exchange of interest rates; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html (accessed May 26, 2025).
ORS § 286a.700 — OR Code / Title 27 / Chapter 286a / Section 286a.700
286A.700 Authority to issue baccalaureate bonds
Status: in_force

(1) As used in this section:

(a) “Oregon Baccalaureate Bonds” means bonds of the State of Oregon issued by the State Treasurer at the request of the Higher Education Coordinating Commission that are designated as baccalaureate bonds.

(b) “Post-secondary education” means training and instruction provided by fully accredited public universities or private institutions of higher learning, community colleges and post-high-school career schools.

(2) The Legislative Assembly encourages citizens of the State of Oregon to avail themselves of post-secondary education opportunities.

(3) The Legislative Assembly finds:

(a) For the benefit of its citizens, the state supports a system of common schools, public universities and community colleges.

(b) A post-secondary education advances a citizen’s ability to pursue life, liberty and happiness through a wide range of employment opportunities.

(c) A well-educated citizenry contributes to the economic well-being of the state and nation.

(d) A well-trained and skilled citizenry enhances economic development of the state.

(e) While students have just begun their education upon completion of a formal education, a lifetime pursuit of learning contributes to a well-informed citizenry and to Oregon’s cherished quality of life.

(f) Citizens educated in Oregon are more likely to pursue careers in Oregon.

(g) It is in the interest of this state to encourage its citizens to plan and save for a post-secondary education.

(h) An Oregon Baccalaureate Bond program that provides citizens an opportunity to save for a post-secondary education for their children, themselves or any citizen is in the social and economic interest of the State of Oregon.

(i) A systematic way to save for post-secondary education can assist all of Oregon’s higher education, community college and career schools to better project enrollments, thereby permitting the prudent allocation of scarce resources.

(4) At the request of the Higher Education Coordinating Commission, the State Treasurer may:

(a) Issue bonds as Oregon Baccalaureate Bonds, to encourage investors to save for post-secondary education opportunities.

(b) Investigate and implement the means and procedures to facilitate the participation by the broadest practical range of investors in the Oregon Baccalaureate Bond program. The means and procedures may include, but are not limited to, adjustments in the denominations in which the bonds are issued and the frequency with which the bonds are issued.

(5) The purchase of an Oregon Baccalaureate Bond does not guarantee the purchaser, owner or beneficiary of the bond admittance to a public university or private post-secondary institution. [2007 c.783 §33; 2011 c.637 §96; 2013 c.768 §123d; 2015 c.767 §9]

Source: Section 286A.700 — Authority to issue baccalaureate bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html (accessed May 26, 2025).