ORS 287A.001
Definitions for ORS chapter 287A


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.

287A.001
Definitions for ORS chapter 287A
287A.010
Powers conveyed to public bodies
287A.050
Authority of city to issue general obligation bonds
287A.100
Authority of county to issue general obligation bonds
287A.105
Limitation on bonded indebtedness of county
287A.140
Ad valorem tax levy to pay general obligation bonds
287A.145
Misspent proceeds of general obligation bonds
287A.150
Authority of public body to issue revenue bonds
287A.180
Short-term borrowing by public body
287A.195
Compliance with constitutional or statutory debt limits
287A.300
Terms and conditions of bond sales
287A.310
Definitions for ORS 287A.310 and 287A.315
287A.315
Pledge of full faith and credit and taxing power
287A.325
Covenants of public bodies regarding pledges
287A.335
Agreements for exchange of interest rates
287A.339
Termination payment of conduit borrower
287A.340
Credit enhancement devices
287A.343
Public body purchase of own bonds
287A.345
State taxation of bond interest
287A.350
Public records
287A.360
Current refunding bonds
287A.365
Advance refunding bonds and forward current refunding
287A.370
Proposed refunding plan for advance refunding bonds or forward current refunding
287A.375
Maximum amount of advance refunding bonds
287A.380
Tax levy to pay maturing general obligation advance refunding bonds
287A.472
Interest on municipal warrants not paid on presentation
287A.474
Warrants and checks more than two years old
287A.482
Definitions for ORS 287A.482 to 287A.488
287A.484
Master warrant procedure authorized if warrants would be not paid
287A.486
Procedure
287A.488
Taxes must be levied for payment of claims included in master warrant
287A.630
Oregon Municipal Debt Advisory Commission
287A.632
Meetings
287A.634
Powers and duties of commission
287A.640
Notice to commission of proposed issues
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