ORS 284.746
Revenue bonds for financing innovation-based economic development

  • issuance
  • use of proceeds
  • nature of revenue bonds
  • bondholders’ liens
  • statute as contract with bondholders
  • powers of council

(1)

Intentionally left blank —Ed.

(a)

The Oregon Innovation Council, in consultation with the Oregon Business Development Department, shall determine eligibility for revenue bond financing of proposals for funding under ORS 284.742 (Grants, loans and equity investments for innovation-based economic development) pursuant to rules adopted by the council in consultation with the department.

(b)

After determining that a proposal, grant, loan or equity investment is eligible for revenue bond financing under paragraph (a) of this subsection, the department shall forward a request for the issuance of revenue bonds to the State Treasurer.

(2)

The State Treasurer may issue revenue bonds subject to the budget authorization for bond issuance established under ORS 286A.035 (Bond budget authorization) for the department and the council for the purpose of financing or refinancing, in whole or part, grants, loans and equity investments made under ORS 284.742 (Grants, loans and equity investments for innovation-based economic development), plus an additional amount to be estimated by the State Treasurer for payment of bond-related costs.

(3)

Net proceeds of the revenue bonds issued pursuant to this section must be deposited in the Oregon Innovation Bond Fund established under ORS 284.747 (Oregon Innovation Bond Fund) for disbursement to the council to finance the making of grants, loans and equity investments under ORS 284.742 (Grants, loans and equity investments for innovation-based economic development).

(4)

Bond-related costs must be paid from the gross proceeds of the revenue bonds issued under this section and from moneys deposited in an account or subaccount of the Oregon Innovation Fund that has been established by the council specifically for this purpose.

(5)

The department and the council, with the approval of the State Treasurer, may irrevocably pledge and assign all or a portion of the moneys deposited in an account or subaccount of the Oregon Innovation Fund that has been established by the council specifically for the purpose of securing revenue bonds issued under this section or credit enhancements obtained for the revenue bonds issued under this section.

(6)

Revenue bonds issued under this section:

(a)

Are payable from the moneys deposited in an account or subaccount of the Oregon Innovation Fund that has been established by the council specifically for the purpose of making payments on revenue bonds issued under this section.

(b)

Do not constitute a debt or general obligation of the state, the Legislative Assembly or a political subdivision of this state but are secured solely by:

(A)

The moneys deposited in an account or subaccount of the Oregon Innovation Fund that has been established by the council specifically for the purpose of making payments on revenue bonds issued under this section;

(B)

Amounts in a debt service reserve account established with respect to revenue bonds issued under this section; or

(C)

A credit enhancement obtained for the revenue bonds issued under this section.

(7)

The State Treasurer, the department and the council have no obligation to pay bond-related costs except as provided in this section. A holder of revenue bonds or other similar obligations issued under this section does not have the right to compel the exercise of the taxing power of the state to pay bond-related costs.

(8)

The holders of revenue bonds issued under this section, upon the issuance of the revenue bonds, have a perfected lien on the moneys deposited in an account or subaccount of the Oregon Innovation Fund that has been established by the council specifically for the purpose of securing and making payments on revenue bonds issued under this section or credit enhancements obtained for the revenue bonds issued under this section. The lien and pledge are valid and binding from the date of issuance of the revenue bonds and are automatically perfected without physical delivery, filing or other act. The lien and pledge are superior to subsequent claims or liens on the moneys deposited in the Oregon Innovation Fund.

(9)

As long as any revenue bonds issued under this section are outstanding, the provisions of this section and the provisions of a security document related to the revenue bonds are deemed to be contracts between the state and holders of the revenue bonds. The state:

(a)

May not create a lien, encumbrance or any other obligation that is superior to the liens authorized by subsection (8) of this section on the moneys in the Oregon Innovation Fund that are pledged and assigned to the payment of the revenue bonds; and

(b)

May not give force or effect to a statute or initiative or referendum measure approved by the electors of this state if doing so would unconstitutionally impair existing covenants made with the holders of existing revenue bonds or would unconstitutionally impair other obligations or agreements regarding the security of revenue bonds to which the moneys deposited in the Oregon Innovation Fund are pledged and assigned.

(10)

The council is authorized to establish separate accounts or subaccounts within the Oregon Innovation Fund for separate bond issues.

(11)

The council may:

(a)

Make all contracts, execute all instruments and do all things necessary or convenient in the exercise of the powers granted by this section, in the performance of its covenants or duties, or in order to secure the payment of revenue bonds issued under this section; and

(b)

Enter into covenants for the benefit of bond holders regarding the use and expenditure of moneys in the Oregon Innovation Fund.

(12)

The State Treasurer, the department or the council may appoint bond counsel as prescribed in ORS 286A.130 (Bond counsel services). [2011 c.610 §12; 2019 c.131 §12]

Source: Section 284.746 — Revenue bonds for financing innovation-based economic development; issuance; use of proceeds; nature of revenue bonds; bondholders’ liens; statute as contract with bondholders; powers of council, https://www.­oregonlegislature.­gov/bills_laws/ors/ors284.­html.

284.101
Definitions for ORS 284.101 to 284.148
284.104
Legislative findings
284.107
Oregon Tourism Commission
284.111
Duties of commission
284.114
Review of marketing plan
284.118
Commission exempt from certain financial administration laws
284.122
Authority of commission
284.126
Budget
284.131
Commission account
284.134
Financial review by Secretary of State
284.138
Matching grant program
284.142
Executive director
284.146
Maintenance of tourist information centers
284.148
Annual report to Legislative Fiscal Officer regarding transient lodging tax funds
284.300
Definitions for ORS 284.300 to 284.375
284.305
Oregon Film and Video Office
284.315
Film and Video Board
284.325
Director
284.335
Duties of director
284.345
Duties of office
284.355
Powers of office
284.365
Deposit of office moneys in depository account
284.367
Oregon Production Investment Fund
284.368
Reimbursement from fund
284.369
Marketing
284.372
Diversity, equity and inclusion policy
284.375
Applicability of other laws
284.545
Legislative findings
284.550
Definition of “traded sector.”
284.555
Economic Revitalization Team
284.560
Duties of team
284.565
Development of process for certifying sites ready for industrial or traded sector development
284.570
Development of state economic development strategy
284.575
Duties of Department of Transportation related to state economic development strategy
284.577
State and local cooperation to provide industrial, commercial and retail development sites
284.580
Role of local governments in implementation of state economic development strategy
284.585
Assistance to local governments
284.590
Legislative findings
284.592
Definitions for ORS 284.590 to 284.597
284.594
Pacific Northwest Manufacturing Partnership Advisory Committee
284.597
Regional collaboration regarding manufacturing economic development
284.701
Definitions for ORS 284.701 to 284.749
284.706
Oregon Innovation Council
284.711
Duty to advise
284.715
State plan for innovation and economic competitiveness
284.720
Oregon Innovation Fund
284.740
Oregon Innovation Council signature research centers
284.742
Grants, loans and equity investments for innovation-based economic development
284.745
Definitions for ORS 284.745 to 284.749
284.746
Revenue bonds for financing innovation-based economic development
284.747
Oregon Innovation Bond Fund
284.748
Oregon Innovation Debt Service Fund
284.749
Oregon Innovation Bond Administration Fund
284.751
Regional collaboration among universities and Oregon Solutions Network
284.752
Definitions for ORS 284.752 to 284.754
284.753
Grant, loan and incentive programs
284.754
Regional Solutions Program
284.771
Definitions
284.776
Eastern Oregon Border Economic Development Board
284.781
Duties, functions and powers
284.783
Agreement with third-party administrator
284.786
Identification of laws that place region’s development efforts at disadvantage
284.791
Grant and loan programs to expand development
284.793
Annual submission of program information by third-party administrator
284.796
Rulemaking
284.797
Residency preference for civil service positions in region
284.801
Eastern Oregon Border Economic Development Board Fund
284.881
Definitions for ORS 284.881 to 284.890
284.882
Legislative intent
284.883
Oregon Growth Board
284.885
Duties, functions and powers
284.887
Authority to contract with management companies or state agencies to manage and invest moneys
284.890
Oregon Growth Fund
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