ORS 286A.145¹
Federal taxation of bond interest
  • rules

The State Treasurer or a related agency may enter into covenants for the benefit of owners of bonds that are intended to allow the bonds to bear interest that is excludable from gross income under the federal Internal Revenue Code or that is otherwise exempt from taxation by the United States. The State Treasurer or a related agency may adopt rules or procedures that are intended to facilitate compliance with those covenants, and may take any action that is required to comply with those covenants. Covenants authorized by this section include, but are not limited to, covenants to:

(1) Pay any rebates of earnings or penalties to the United States;

(2) Invest proceeds alone or in combination with other moneys in investments that have different maturities, yields or credit qualities than the state would acquire under the investment standards specified in ORS 293.721 (General objective of investments) and 293.726 (Standard of judgment and care in investments) and other similar laws, but only if those investments facilitate compliance with covenants described in this section; or

(3) Restrict the expenditure of bond proceeds or restrict the operation of, or otherwise limit the use of, facilities that are financed with bonds. [2007 c.783 §23]

1 Legislative Counsel Committee, CHAPTER 286A—State Borrowing, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors286A.­pdf (2007) (last ac­cessed Feb. 12, 2009).
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information