reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.145 - Misspent proceeds of general obligation bonds.

(1) If a court of competent jurisdiction determines that the proceeds of an issue of general obligation bonds have been used by a public body for expenditures that are not capital costs permitted by Article XI, section 11L, of the Oregon Constitution, or that are not costs of capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution, the court may order the public body to:
(a) Replace the misspent proceeds with interest, on a reasonable schedule determined by the court, from moneys other than the tax revenues that the public body levies to pay the debt service; and
(b) Use the replaced moneys, as appropriate, for capital costs, for the costs of capital construction or capital improvements or to pay the debt service.
(2) If the public body fails to comply with an order to replace the misspent proceeds or acknowledges that the public body is unable to replace the misspent proceeds, the court may determine that a portion of the future levies to pay the debt service is subject to the limits of Article XI, sections 11 and 11b, of the Oregon Constitution, by calculating the amount of the tax revenues that are necessary to pay the principal and interest on the bonds that is allocable to the misspent proceeds.
(3) An action may not be filed or maintained against a public body because of an alleged expenditure of the bond proceeds of general obligation bonds for purposes other than capital costs, capital construction or capital improvements, if the misspent moneys are less than $5,000. [2007 c.783 §66; 2013 c.491 §5]
Note:
Section 1, chapter 684, Oregon Laws 2013, provides:
Sec. 1.
(1) A change in the use of facilities that were constructed, in whole or in part, with net proceeds of general obligation bonds of a county does not cause the expenditure of the net proceeds to be an improper expenditure of bond proceeds for which a court may issue an order described in ORS 287A.145 if:
(a) The general obligation bonds were approved at an election conducted on May 21, 1996; and
(b) The bond proceeds were spent for purposes allowed by the ballot measure authorizing the bonds and by Article XI, sections 11 and 11b, of the Oregon Constitution.
(2) The change in the use of facilities described in subsection (1) of this section does not affect any authority the county may have to impose taxes outside the limitations imposed by Article XI, sections 11 and 11b, of the Oregon Constitution, for the original bonds or bonds issued to refund the original bonds.
(3) The county shall use any revenue from the change in the use of facilities to reduce the taxes imposed to pay bond-related costs. [2013 c.684 §1]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.180 - Short-term borrowing by public body.

(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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.195 - Compliance with constitutional or statutory debt limits.

(1) When calculating compliance with a constitutional or statutory debt limit for a public body:
(a) The amount of interest to be paid on bonds, whether paid currently or deferred, is not taken into account.
(b) For a zero coupon bond or other original discount bond on which periodic interest payments are not made, only the accreted value of the bond on the date the bond is issued is taken into account.
(c) If a bond is issued to a provider of a credit enhancement device for a bond that is subject to a debt limit, the bond issued to the provider must be taken into account only to the extent that the amount of the bond issued to the provider exceeds the amount of the bond secured by the credit enhancement device.
(d) A public body may deduct from the amount of outstanding indebtedness:
(A) The amount of money and investments that the public body or a trustee of the public body or a trustee or agent of the public body holds to pay bonds that have not been defeased.
(B) The principal amount of bonds that have been defeased.
(2) For purposes of this section, a bond is defeased if:
(a) The public body has set aside in an irrevocable escrow government obligations, as defined in ORS 287A.375, the receipts from which have been calculated by a certified public accountant or other experienced professional to be sufficient, without reinvestment, to pay the principal, interest and premium, if any, due on the bond at maturity or on prior redemption; or
(b) The public body has complied with the provisions in the documents authorizing the bond that govern payment or defeasance of the bond. [2007 c.783 §64]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.310 - Definitions for ORS 287A.310 and 287A.315; lien of a pledge; Uniform Commercial Code.

(1) As used in this section and ORS 287A.315:
(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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.315 - Pledge of full faith and credit and taxing power.

(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 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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.339 - Termination payment of conduit borrower.

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 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.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.340 - Credit enhancement devices.

(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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.343 - Public body purchase of own bonds.

(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 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.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.360 - Current refunding bonds.

(1) In addition to any other authority to issue refunding bonds, a public body may issue current refunding bonds to refund or purchase its outstanding bonds.
(2) A public body may secure current refunding bonds with any of the revenues and covenants that the public body could have used to secure the refunded or purchased bonds under the law in effect when the refunded or purchased bonds were issued and with revenues and covenants that the public body could have used to secure the refunded or purchased bonds if the laws that are in effect when the current refunding bonds are issued were in effect when the refunded or purchased bonds were issued.
(3) A public body may authorize current refunding bonds by resolution or ordinance without complying with the procedural requirements that applied to the refunded or purchased bonds, including issuing:
(a) General obligation bonds to refund or purchase outstanding general obligation bonds without obtaining approval of the electors of the public body.
(b) Revenue bonds to refund or purchase revenue bonds that were issued in accordance with ORS 287A.150 without complying with the procedures prescribed in ORS 287A.150.
(4) The maturities of current refunding bonds authorized by this section may not exceed by more than six months:
(a) Maturity limits that were established by the electors for the refunded or purchased bonds; and
(b) A maturity limit imposed by a provision of a constitution, charter or statute that applied to the refunded or purchased bonds, if the provision imposing the limit is in effect when the current refunding bonds are issued. [2007 c.783 §54; 2009 c.538 §9; 2011 c.256 §1]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.365 - Advance refunding bonds and forward current refunding.

(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 to 287A.380 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 to 287A.380; 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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.370 - Proposed refunding plan for advance refunding bonds or forward current refunding; rules; fees.

(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 in connection with the activities of this section. [2007 c.783 §56]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.375 - Maximum amount of advance refunding bonds.

(1) As used in this section, "government obligations" means:
(a) Direct obligations of the United States of America or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America and bank certificates of deposit secured by the obligations;
(b) Bonds, debentures, notes, certificates of participation or other obligations issued by a federal agency or other instrumentality of the federal government; or
(c) Other debt obligations determined by administrative rule of the State Treasurer to be highly secured and widely accepted in the marketplace as obligations for a defeasance escrow.
(2) A public body may not issue advance refunding bonds in a principal amount in excess of the minimum principal amount that is estimated at the time of sale to be necessary:
(a) To purchase a principal amount of government obligations that is, together with the interest earnings thereon, sufficient to pay the installments of principal, interest and redemption premiums, if any, on the bonds being refunded when due in accordance with the advance refunding plan; and
(b) To pay all costs in connection with issuing the advance refunding bonds and obtaining credit enhancement devices.
(3) If the public body that issues advance refunding bonds receives an amount of proceeds that exceeds the actual amount required under subsection (2) of this section, the public body must use the excess amount of proceeds to pay interest on the advance refunding bonds.
(4) Before applying advance refunding bond proceeds to the purposes for which the refunding bonds have been issued, a public body may invest advance refunding bond proceeds, together with other moneys set aside for the payment of the bonds to be refunded, only in government obligations.
(5) The public body shall make investments pursuant to subsection (4) of this section at times and in a manner required to provide funds sufficient to pay principal, interest and redemption premiums, if any, in accordance with the advance refunding plan. [2007 c.783 §57]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.380 - Tax levy to pay maturing general obligation advance refunding bonds.

(1) Pursuant to ORS 287A.140, a public body shall levy taxes to pay the maturing interest and principal of advance refunding bonds that are general obligation bonds.
(2) Notwithstanding ORS 287A.140 or any other provision of law, a public body may not cause a tax to be levied to pay the maturing interest and principal of general obligation bonds that have been defeased as described in ORS 287A.195 (2), unless the amounts held to defease the bonds are insufficient. [2007 c.783 §59]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.472 - Interest on municipal warrants not paid on presentation.

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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.474 - Warrants and checks more than two years old; report by fiscal officer; claim by owner.

(1) The county fiscal officer shall prepare a report of all warrants and checks issued more than two years prior to July 1 of that year that have not been paid, pursuant to ORS 98.352.
(2) The lawful owner of any warrant or check included in any list referred to in subsection (1) of this section, not presented to the county treasurer for payment and not paid, thereafter may file a claim with the State Treasurer in the manner provided by ORS 98.392 and 98.396. [Formerly 287.454; 2019 c.678 §60]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.482 - Definitions for ORS 287A.482 to 287A.488.

As used in ORS 287A.482 to 287A.488:
(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. [Formerly 287.482]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.484 - Master warrant procedure authorized if warrants would be not paid.

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. [Formerly 287.484]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.486 - Procedure.

(1) The county fiscal officer shall draw a master warrant in the amount of one or more claims referred to in ORS 287A.484, 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 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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.488 - Taxes must be levied for payment of claims included in master warrant.

No master warrant shall be issued under ORS 287A.482 to 287A.488 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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.630 - Oregon Municipal Debt Advisory Commission; creation; term; compensation.

(1) The Oregon Municipal Debt Advisory Commission is hereby created, consisting of the following seven members:
(a) The State Treasurer or the State Treasurer’s designee.
(b) Three public body finance officers appointed by the Governor:
(A) One of whom is an individual recommended by the Association of Oregon Counties.
(B) One of whom is an individual recommended by the League of Oregon Cities.
(C) One of whom is an individual recommended by the Oregon School Boards Association.
(c) One representative of special districts appointed by the Governor.
(d) Two public members not represented in the other categories of appointment, appointed by the Governor.
(2) The term of office of an appointed member is four years, but appointed members serve at the pleasure of the Governor. A member is eligible for reappointment for no more than one additional term.
(3) Before the expiration of the term of an appointed member, the Governor shall appoint a successor to assume the duties of the member on July 1 next following. In case of a vacancy for any cause, the Governor shall make an appointment to become effective immediately for the unexpired term.
(4) The Governor shall designate one of the appointed members to serve a one-year term as chairperson, subject to reappointment.
(5) Appointed members of the commission are entitled to compensation and expenses as provided in ORS 292.495. [Formerly 287.030]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.632 - Meetings; quorum; personnel.

(1) The Oregon Municipal Debt Advisory Commission shall meet:
(a) At the call of the chairperson; or
(b) At the request of:
(A) A majority of the members;
(B) The State Treasurer; or
(C) The Governor.
(2) A majority of all members of the advisory commission constitutes a quorum for the transaction of business.
(3) The office of the State Treasurer shall provide the commission with administrative and clerical assistance required by the commission. [Formerly 287.032]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.634 - Powers and duties of commission; rules; fees.

(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. 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. [Formerly 287.034]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 287A - Local Government Borrowing › Section 287A.640 - Notice to commission of proposed issues; duty of public bodies to assist; rules.

(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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.010 - Findings; purpose.

(1) The Legislative Assembly finds that by use of the powers and procedures described in this chapter for the assembling and financing of lands for housing, educational, cultural or other nonprofit uses and for the construction and financing of facilities for those uses, financed through the issuance of revenue bonds secured solely by the properties and rentals thus made available, the state may be able to increase the availability of decent, affordable housing, the achievement of higher levels of learning and development of the intellectual capacities of citizens, the expansion of the authorized services and resources for the intellectual and artistic enrichment of citizens, the advancement of nonprofit activities and services and the general well-being of citizens.
(2) It is the purpose of this chapter to authorize the exercise of powers granted by this chapter by this state in addition to and not in lieu of any other powers it may possess. [1989 c.820 §1; 2007 c.71 §89; 2007 c.785 §2; 2015 c.51]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.100 - Oregon Facilities Authority; members; qualifications; term.

(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 to 456.295, 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.
(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, 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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.105 - Official action to undertake project.

The undertaking of any eligible project must be requested by official action of the participating institution taken at a regular or duly called special meeting thereof by the affirmative vote of a majority of the members of the institution’s board of directors. [1989 c.820 §5]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.115 - Functions.

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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.120 - Limitation on manner of operating project and expenditure of funds.

Except as provided in ORS 289.115 (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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.125 - Rules; fees.

(1) The Oregon Facilities Authority shall adopt by rule standards by which to determine the eligibility of projects for bond financing pursuant to this chapter. In determining the standards, the authority shall consider all relevant data. The standards of the authority must provide that projects are approved in accordance with criteria reflecting the benefits to the state. Criteria include, but need not be limited to:
(a) Supporting projects that increase the number of decent, affordable housing units in this state;
(b) Expanding the educational resources in this state; or
(c) Expanding the cultural resources in this state.
(2) Upon determining a project as eligible, the authority shall forward the application to the State Treasurer, who shall determine whether to issue the revenue bonds.
(3) The authority may treat as a single eligible project for bonding purposes any number of projects determined to be eligible projects.
(4) The authority shall collect the fees set forth in subsection (5) of this section from an applicant that seeks to have a project declared eligible for financing. The fee identified in subsection (5)(a) of this section may be collected even though the project has not been determined to be eligible for financing.
(5) The fees described in subsection (4) of this section are:
(a) An application fee determined by the Oregon Facilities Authority by rule.
(b) A closing fee not to exceed one-half of one percent of the total bond issue for the project, as determined by the authority.
(6) The authority shall deposit fees received under subsection (5) of this section in the Oregon Facilities Authority Account established under ORS 289.130. [1989 c.820 §4; 1991 c.408 §4; 2007 c.785 §5]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.130 - Oregon Facilities Authority Account.

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 to 293.857. 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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.200 - Issuance of revenue bonds; role of State Treasurer; role of Oregon Facilities Authority; fees.

(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. 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 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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.210 - Refunding bonds.

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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.215 - Validity of bonds not affected by other matters regarding project.

The validity of bonds issued under this chapter is not dependent on or affected by the validity or regularity of any proceeding relating to the acquisition, purchase, construction, reconstruction, installation, improvement, betterment, extension, management, operation or funding of the project for which the bonds are issued. The official action authorizing such bonds may provide that the bonds shall contain a recital that they are issued pursuant to this chapter and such recital shall be conclusive evidence of their validity and of the regularity of their issuance. [1989 c.820 §12; 2010 c.3 §4]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.225 - Sources of bond repayment restricted; recitations in bonds.

(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. [1989 c.820 §14]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.230 - Actions by bondholders to enforce rights.

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]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.235 - Loan of bond proceeds for projects; state not required to have ownership or leasehold interest.

The state, acting through the State Treasurer and the Oregon Facilities Authority, or either of them, may lend the proceeds of the bonds authorized by this chapter for eligible projects without the necessity of the state having any ownership or leasehold interest in the eligible projects. Loans made pursuant to this section shall be secured to the extent considered necessary or desirable by the State Treasurer and the authority to assure repayment of the bonds. [1989 c.820 §16; 1991 c.408 §7]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 289 - Oregon Facilities Financing › Section 289.240 - Report of bonding activities; rules.

(1) Within 90 days following the closing of each fiscal year, the Oregon Facilities Authority shall report on its operations to the Governor, State Treasurer and the Legislative Assembly. The report shall include a summary of the authority’s activities relating to bonds issued under this section.
(2) In accordance with any applicable provision of ORS chapter 183, the authority may adopt such rules as it considers necessary to carry out its duties, functions and powers under this chapter. [1989 c.820 §18]