ORS 268.590
Credit enhancement of district bonds and other obligations


(1)

As used in ORS 268.600 (Issuance of revenue bonds) to 268.660 (Effect of ORS 268.600 to 268.660):

(a)

“Credit enhancement agreement” means the agreement pursuant to which a credit enhancement device is provided, given or issued.

(b)

“Credit enhancement device” means any letter of credit, line of credit, municipal bond insurance or other device given or provided as security for the payment of the principal of, premium, if any, or interest on revenue bonds or bond anticipation notes issued under ORS 268.600 (Issuance of revenue bonds) to 268.660 (Effect of ORS 268.600 to 268.660) or as security for the payment or performance of any of the district’s obligations under or with respect to such revenue bonds or bond anticipation notes.

(c)

“Credit enhancement provider” means the person or entity providing or issuing a credit enhancement device.

(2)

In connection with the issuance of revenue bonds or bond anticipation notes under ORS 268.600 (Issuance of revenue bonds) to 268.660 (Effect of ORS 268.600 to 268.660), a district may arrange for a credit enhancement device to be given, issued or provided as security for the payment of the principal of, premium, if any, or interest on such revenue bonds or bond anticipation notes or as security for the payment or performance of the district’s obligations under or with respect thereto.

(3)

A district may enter into a credit enhancement agreement with a credit enhancement provider setting forth the respective rights, duties and obligations of the district and the credit enhancement provider under or with respect to such credit enhancement device, which agreement may contain such terms, covenants and conditions as shall be approved by the governing body of the district and which are not inconsistent with the provisions of ORS 268.600 (Issuance of revenue bonds) to 268.660 (Effect of ORS 268.600 to 268.660).

(4)

The obligations of the district under or with respect to any credit enhancement device or credit enhancement agreement shall not in any manner or to any extent be general obligations of the district nor a charge upon any other revenues or property of the district not specifically pledged thereto.

(5)

In the ordinance authorizing the issuance of revenue bonds or bond anticipation notes under ORS 268.600 (Issuance of revenue bonds) to 268.660 (Effect of ORS 268.600 to 268.660), the governing body may pledge as security for the payment or performance of the district’s obligations under or with respect to the related credit enhancement device or credit enhancement agreement all or any portion of the district’s revenues, regardless of the source from which derived, then existing or which thereafter come into existence. In addition, in such ordinance the governing body may pledge or mortgage as security for the payment or performance of its obligations under or with respect to such credit enhancement device or credit enhancement agreement any property of the district. Any such pledge or mortgage of revenues or other property may be on such terms as the governing body shall determine, including but not limited to a pledge or mortgage on a parity basis with the pledge or mortgage of such revenues or other property as security for revenue bonds or bond anticipation notes issued under ORS 268.600 (Issuance of revenue bonds) to 268.660 (Effect of ORS 268.600 to 268.660) or on a subordinated basis. In the ordinance creating such pledge or mortgage, the district may reserve the right to pledge or mortgage from time to time on a parity or subordinated basis all or any part of such pledged or mortgaged revenues or other property as security for the payment or performance of the district’s obligations under or with respect to any one or more series of revenue bonds or bond anticipation notes or credit enhancement device or credit enhancement agreement thereafter issued, given, provided or entered into by the district. [1987 c.623 §7]

Source: Section 268.590 — Credit enhancement of district bonds and other obligations, https://www.­oregonlegislature.­gov/bills_laws/ors/ors268.­html.

268.010
Short title
268.020
Definitions
268.030
Purpose of chapter
268.040
Exemption from public utility regulation
268.060
Costs of elections
268.220
Employees’ rights when district assumes a function of another public corporation, city or county
268.230
District to protect employees’ rights when an operating public transportation system is acquired
268.240
PERS membership for specified classes of district employees
268.300
Existence, status and general powers of district
268.310
Powers of district
268.313
Acquisition or construction of major facility
268.315
Authority of district to levy ad valorem tax
268.317
Solid and liquid waste disposal powers
268.318
District approval required for disposal, transfer or resource recovery site or facility
268.319
Reuse and recycling of electronic products
268.320
Elector approval of district actions
268.330
Powers when providing local aspects of service
268.340
Acquisition of property
268.343
Validation of certain easements acquired by district
268.345
Limitation on condemnation power for certain facilities
268.347
Boundary change within district and urban reserves
268.351
Definitions for ORS 268.347 and 268.354
268.354
Boundary change procedures
268.357
Authority to sell certain information
268.360
Authority to exercise police power
268.370
Authority to take over transit system of mass transit district
268.380
Land-use planning goals and activities
268.385
District as regional planning coordinator
268.390
Planning for activities and areas with metropolitan impact
268.393
Land use planning ordinance
268.500
Levy, collection, enforcement of ad valorem taxes
268.503
Vehicle registration fees
268.505
Income tax
268.507
Excise taxes
268.520
Authority to issue and sell general obligation bonds
268.525
Refunding bonds
268.530
Bond elections
268.590
Credit enhancement of district bonds and other obligations
268.600
Issuance of revenue bonds
268.610
Ordinance authorizing revenue bonds
268.620
Form and content of bonds
268.630
Borrowing in anticipation of bond sale
268.640
Sale of revenue bonds
268.650
Bonds as obligation of a political subdivision
268.660
Effect of ORS 268.600 to 268.660
268.710
Electors of county may adopt, amend, revise or repeal district charter
268.990
Penalties
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