Chapter 289 — Chapter 289

ORS 289.005 Definitions for ORS chapter 289. (1) As used in this chapter, unless the context requires otherwise

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ORS 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

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ORS 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

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ORS 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]

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ORS 289.110 Duties and powers with respect to projects. (1) In addition to any other powers granted by law, the state, acting through the State Treasurer or a designee of the State Treasurer, may

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ORS 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

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ORS 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]

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ORS 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

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ORS 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]

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ORS 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

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ORS 289.205 Expenses of State Treasurer. Reasonable administrative expenses of the State Treasurer shall be charged against bond proceeds or project revenues. [1989 c.820 §10; 2007 c.783 §115]

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ORS 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]

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ORS 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]

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ORS 289.220 Covenants regarding bond issuance. 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

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ORS 289.225 Sources of bond repayment restricted; recitations in bonds. (1) Revenue bonds issued under this chapter shall not

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ORS 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

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ORS 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]

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ORS 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

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ORS 289.250 Limitation on income tax exemption for interest on revenue bonds. (1) As used in this section, “within the State of Oregon” has the meaning given the term “within this state” in ORS 289.005

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