Title 27, Public Borrowing

(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 reven…

(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 peri…

(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 th…

(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 …

(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 an…

(1) The Legislative Assembly finds that: (a) It is a matter of statewide concern that certain covenants made by public bodies regarding a pledge of revenues to secure bonds not be impaired by subsequent initiative or referendum measures. (b) The covenants described in paragraph (…

(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 in…

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 …

(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 ava…

(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 s…

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

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. [2007 c.783 §69; 2017 c.456 §10] 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 hav…

(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 refu…

(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 …

(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…

(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 …

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 m…

(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)…

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 p…

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 pa…

(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 Wan…

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] O…

(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 recommende…

(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 f…

(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 a…

(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 publi…

(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. (c) “Cost” means the cost of: (A) Construction, acqui…

(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…

(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. (…

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]

(1) In addition to any other powers granted by law, the state, acting through the State Treasurer or a designee of the State Treasurer, may: (a) Enter into agreements to finance the costs of an eligible project by lending the proceeds of bonds authorized by this chapter to a part…

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 lan…

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 …

(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 provi…

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 appr…

(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,…

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

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 proce…

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 …

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 cont…

(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 co…

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 tru…

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 …

(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 un…

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