2011 ORS § 285B.482¹
Revenue bonds as parity bonds
  • consolidation of bond proceeds
  • loans and consolidated funds as security for water or development projects

(1) Notwithstanding any other law relating to revenue bonds issued and sold under ORS 285B.467 (Eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds) or ORS 285B.572 (Eligibility of project for revenue bond financing), 285B.575 (Issuance of revenue bonds) and 285B.578 (Nature of revenue bonds), revenue bonds may be issued and sold as parity bonds.

(2) Proceeds of revenue bonds issued and sold under ORS 285B.467 (Eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds) or ORS 285B.572 (Eligibility of project for revenue bond financing), 285B.575 (Issuance of revenue bonds) and 285B.578 (Nature of revenue bonds), together with the investment earnings thereon, may be consolidated into one or more funds or accounts and may be pledged to the holders of revenue bonds issued to finance water projects, as defined in ORS 285B.560 (Definitions for ORS 285B.560 to 285B.599), or development projects.

(3) Any loan to a municipality made pursuant to ORS 285B.467 (Eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds), 285B.560 (Definitions for ORS 285B.560 to 285B.599) to 285B.569 (When constitutional restrictions apply to use of certain funds) or 285B.572 (Eligibility of project for revenue bond financing) to 285B.599 (Effect of failure to repay to Water Fund), including loans funded in whole or in part with the proceeds of revenue bonds and loans funded with moneys in the Water Fund or the Special Public Works Fund, may be pledged to the holders of revenue bonds issued to finance water projects or development projects.

(4) Funds or accounts established by the Oregon Business Development Department or the State Treasurer in connection with the issuance of revenue bonds under ORS 285B.467 (Eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds) or ORS 285B.572 (Eligibility of project for revenue bond financing), 285B.575 (Issuance of revenue bonds) and 285B.578 (Nature of revenue bonds) and moneys held in the funds and accounts, together with the investment earnings thereon, may be consolidated into one or more funds or accounts and may be pledged to the holders of revenue bonds issued to finance water projects or development projects. [1997 c.800 §14; 2003 c.773 §49; 2005 c.835 §19; 2007 c.804 §35; 2009 c.830 §109]