ORS 470.300
Small Scale Local Energy Project Administration and Bond Sinking Fund

  • uses
  • sources

(1)

There hereby is created the Small Scale Local Energy Project Administration and Bond Sinking Fund, separate and distinct from the General Fund, to provide for payment of:

(a)

Administrative expenses of the State Department of Energy and the Director of the State Department of Energy in processing applications, investigating potential small scale local energy projects and proposed loans and servicing and collecting outstanding loans made from the Small Scale Local Energy Project Loan Fund, if the expense is not paid directly by the applicant.

(b)

Administrative expenses of the State Treasurer in carrying out the duties, functions and powers imposed upon the State Treasurer by this chapter.

(c)

Principal, interest and redemption premium, if any, of all bonds issued pursuant to the provisions of ORS 470.220 (Issuance of bonds) to 470.290 (Bond indebtedness limited to constitutional limit) and Article XI-J of the Oregon Constitution.

(d)

Net investment earnings on any funds loaned to municipal corporations but withheld as provided in ORS 470.230 (Bond proceeds credited to Small Scale Local Energy Project Loan Fund).

(e)

Costs of issuing the bonds and of obtaining credit enhancement for the bonds.

(2)

The fund created by subsection (1) of this section shall consist of:

(a)

Application fees required by ORS 470.060 (Application for financing), unless the department requires the applicant to pay the fee directly for a cost incurred in connection with the application.

(b)

Repayment of moneys loaned to applicants from the Small Scale Local Energy Project Loan Fund, including interest on such moneys.

(c)

Such moneys as may be appropriated to the fund by the Legislative Assembly.

(d)

Moneys obtained from the sale of refunding bonds under ORS 470.220 (Issuance of bonds) to 470.290 (Bond indebtedness limited to constitutional limit) and any accrued interest on such bonds.

(e)

Moneys received from ad valorem taxes levied pursuant to Article XI-J of the Oregon Constitution, and all moneys that the Legislative Assembly may provide in lieu of such taxes.

(f)

Interest earned on cash balances invested by the State Treasurer.

(g)

Moneys transferred from the loan fund.

(h)

Gifts, grants, donations or other moneys for promoting small scale local energy program loan purposes and goals.

(3)

The director, with the approval of the State Treasurer, may transfer moneys from the sinking fund to the loan fund if:

(a)

A cash flow projection shows that, for the term of the bonds outstanding at the time the director transfers the moneys, remaining moneys in the sinking fund, together with expected loan contract payments and fund earnings, will improve the financial basis of the program and will continue to be adequate to pay bond principal, interest, redemption premiums, if any, and administration costs; and

(b)

The transfer will not create the need for issuance of any bonds.

(4)

The director, with the approval of the State Treasurer, may establish separate and distinct accounts within the sinking fund to accomplish the purpose of this section. [1979 c.672 §26; 1981 c.50 §8; 1983 c.188 §6; 1985 c.805 §4; 1987 c.365 §6; 1993 c.496 §6; 2003 c.186 §73; 2005 c.201 §13; 2009 c.753 §72]

Source: Section 470.300 — Small Scale Local Energy Project Administration and Bond Sinking Fund; uses; sources, https://www.­oregonlegislature.­gov/bills_laws/ors/ors470.­html.

470.050
Definitions
470.060
Application for financing
470.065
Confidentiality of information provided by or on behalf of applicant
470.070
Small Scale Local Energy Project Advisory Committee
470.080
Standards for small scale local energy projects
470.090
Approval or rejection of project financing by director
470.100
Committee review of rejection or approval in different amount
470.110
Gifts credited to Small Scale Local Energy Project Loan Fund
470.120
Limit on loan to amount not funded by other sources
470.130
Appropriation of Small Scale Local Energy Project Loan Fund
470.135
Administration of small scale local energy project loan program funds and accounts
470.140
Rulemaking authority
470.145
State Department of Energy to develop marketing plan
470.150
Loan contract
470.155
Loan contract in form of intergovernmental agreement
470.160
Payment from loan funds
470.170
Security for loan
470.180
Withholding of state funds due to municipal corporation that defaults on loan
470.190
Remedies
470.200
Refinancing of project
470.210
Municipal corporation may enter into loan contract
470.220
Issuance of bonds
470.225
Procedure for bond issuance
470.230
Bond proceeds credited to Small Scale Local Energy Project Loan Fund
470.240
General obligation bonds to include promise to pay principal amount
470.270
General obligation refunding bonds
470.280
General obligation bond repayment from sinking fund
470.290
Bond indebtedness limited to constitutional limit
470.300
Small Scale Local Energy Project Administration and Bond Sinking Fund
470.310
Procedure if sinking fund inadequate
470.500
Goals
470.505
Delay or suspension of program
470.510
State Department of Energy may enter contracts for loan issuance
470.515
Rules
470.520
State Department of Energy may contract for performance of duties
470.525
Quarterly report
470.530
Qualifications
470.535
Applications for certification as project manager
470.540
State Department of Energy to notify unsuccessful applicants
470.545
Appeal of certification decision
470.550
Term of certification of project manager
470.555
Project managers
470.560
Rules
470.565
Loan applicant request for energy savings projection
470.570
Energy Project Supplemental Fund
470.575
Jobs, Energy and Schools Fund
470.580
Energy Project Bond Loan Fund
470.585
Energy Revenue Bond Repayment Fund
470.590
Proposals
470.595
Investment with financial manager
470.600
State Department of Energy may enter agreements to disburse supplemental capital funds
470.605
Local governments may direct moneys to certain funds to finance loans
470.610
Issuance of bonds
470.615
Payment of bonds
470.620
Bond pledges
470.630
Form of disbursement
470.635
Requirement for energy savings projection
470.640
Amount of loans
470.645
Application for loan
470.650
Residential small scale local energy projects
470.655
Project initiation fee
470.660
Investor-owned utilities
470.665
Consumer-owned utilities
470.670
Repayment requirement for customer served by electric utility and gas utility
470.675
Cost eligibility for ratemaking purposes
470.680
State Department of Energy to identify forms of acceptable security
470.685
Recording liens
470.690
Avoidance of foreclosure
470.695
Sale of real property
470.700
Use of loan offset grant moneys
470.710
Apprenticeship and job training
470.715
Costs of adopting rules
470.720
Loan program information to be provided by utilities
470.800
Clean Energy Deployment Fund
470.805
Renewable Energy Development Subaccount
470.810
Clean energy deployment program
470.815
School district projects
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