ORS 287A.195
Compliance with constitutional or statutory debt limits


(1)

When calculating compliance with a constitutional or statutory debt limit for a public body:

(a)

The amount of interest to be paid on bonds, whether paid currently or deferred, is not taken into account.

(b)

For a zero coupon bond or other original discount bond on which periodic interest payments are not made, only the accreted value of the bond on the date the bond is issued is taken into account.

(c)

If a bond is issued to a provider of a credit enhancement device for a bond that is subject to a debt limit, the bond issued to the provider must be taken into account only to the extent that the amount of the bond issued to the provider exceeds the amount of the bond secured by the credit enhancement device.

(d)

A public body may deduct from the amount of outstanding indebtedness:

(A)

The amount of money and investments that the public body or a trustee of the public body or a trustee or agent of the public body holds to pay bonds that have not been defeased.

(B)

The principal amount of bonds that have been defeased.

(2)

For purposes of this section, a bond is defeased if:

(a)

The public body has set aside in an irrevocable escrow government obligations, as defined in ORS 287A.375 (Maximum amount of advance refunding bonds), the receipts from which have been calculated by a certified public accountant or other experienced professional to be sufficient, without reinvestment, to pay the principal, interest and premium, if any, due on the bond at maturity or on prior redemption; or

(b)

The public body has complied with the provisions in the documents authorizing the bond that govern payment or defeasance of the bond. [2007 c.783 §64]

Source: Section 287A.195 — Compliance with constitutional or statutory debt limits, https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html.

287A.001
Definitions for ORS chapter 287A
287A.010
Powers conveyed to public bodies
287A.050
Authority of city to issue general obligation bonds
287A.100
Authority of county to issue general obligation bonds
287A.105
Limitation on bonded indebtedness of county
287A.140
Ad valorem tax levy to pay general obligation bonds
287A.145
Misspent proceeds of general obligation bonds
287A.150
Authority of public body to issue revenue bonds
287A.180
Short-term borrowing by public body
287A.195
Compliance with constitutional or statutory debt limits
287A.300
Terms and conditions of bond sales
287A.310
Definitions for ORS 287A.310 and 287A.315
287A.315
Pledge of full faith and credit and taxing power
287A.325
Covenants of public bodies regarding pledges
287A.335
Agreements for exchange of interest rates
287A.339
Termination payment of conduit borrower
287A.340
Credit enhancement devices
287A.343
Public body purchase of own bonds
287A.345
State taxation of bond interest
287A.350
Public records
287A.360
Current refunding bonds
287A.365
Advance refunding bonds and forward current refunding
287A.370
Proposed refunding plan for advance refunding bonds or forward current refunding
287A.375
Maximum amount of advance refunding bonds
287A.380
Tax levy to pay maturing general obligation advance refunding bonds
287A.472
Interest on municipal warrants not paid on presentation
287A.474
Warrants and checks more than two years old
287A.482
Definitions for ORS 287A.482 to 287A.488
287A.484
Master warrant procedure authorized if warrants would be not paid
287A.486
Procedure
287A.488
Taxes must be levied for payment of claims included in master warrant
287A.630
Oregon Municipal Debt Advisory Commission
287A.632
Meetings
287A.634
Powers and duties of commission
287A.640
Notice to commission of proposed issues
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