2015 ORS § 285B.467¹
Eligibility for revenue bond financing
- • rules
- • request for issuance
- • allowable costs
(1) The Oregon Infrastructure Finance Authority shall determine eligibility for revenue bond financing under ORS 285B.467 (Eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds) of development projects that have qualified under ORS 285B.419 (Administration of Special Public Works Fund) to 285B.437 (Contract with municipality) and 285B.449 (Effect of failure to comply or default) pursuant to rules adopted by the Oregon Business Development Department.
(2) After a determination is made that a development project is eligible for revenue bond financing under ORS 285B.467 (Eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds), the department shall forward a request for the issuance of revenue bonds to the State Treasurer, who shall determine whether to issue revenue bonds.
(3) When a project is determined to be eligible for revenue bond financing under ORS 285B.467 (Eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds), allowable costs as described in ORS 285B.465 (Allowable costs of projects) may be paid from bond proceeds.
(4) Administrative expenses of the authority in processing applications and investigating proposed projects and bond sales may not be derived from bond proceeds.
(5) The authority may pledge all or any portion of the existing or future assets and receipts of the Special Public Works Fund to pay debt service on bonds issued pursuant to ORS 285B.410 (Definitions for ORS 285B.410 to 285B.482) to 285B.482 (Revenue bonds as parity bonds). The pledge shall take effect immediately, without delivery of the pledged funds to third parties, and the lien of the pledge shall be superior to all other liens of any nature.
(6) The authority is authorized to establish separate accounts within the fund for separate bond issues. [Formerly 285.740 [bad link]; 2001 c.883 §34; 2003 c.773 §45; 2005 c.835 §15; 2009 c.830 §106]