2011 ORS § 285B.476¹
Application of law to revenue bonds
- • proceeds
- • maximum duration of loans
(1) ORS 285B.350 (Method of issuing bonds) to 285B.362 (Covenants in bonds) and 285B.368 (Powers and rights of bondholders) apply to revenue bonds issued under ORS 285B.467 (Eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds).
(2) The proceeds of revenue bonds issued and sold under ORS 285B.467 (Eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds) shall be deposited in the Special Public Works Fund and used for the payment of a loan to a municipality for a development project and costs of issuing the revenue bonds.
(3) A loan made with money derived from the sale of revenue bonds under this section shall be made as other loans 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) are made, except that the loan contract shall set forth a schedule of payments that may not exceed the usable life of the contracted project. [Formerly 285.747 [bad link]; 2003 c.773 §48; 2005 c.835 §18]