ORS 328.341
Transfer by school districts or State Treasurer of moneys to pay debt service on school bonds


(1)

Intentionally left blank —Ed.

(a)

Each school district with outstanding, unpaid school bonds issued with the state guaranty shall transfer moneys sufficient for the scheduled debt service payment to its paying agent at least 15 days before any principal or interest payment date for the school bonds.

(b)

The paying agent may, if instructed to do so by the school district, invest the moneys for the benefit of the school district until the payment date.

(c)

A school district that is unable to transfer the scheduled debt service payment to the paying agent 15 days before the payment date shall immediately notify the paying agent and the State Treasurer by:

(A)

Telephone;

(B)

A writing sent by facsimile transmission; and

(C)

A writing sent by first class mail.

(2)

If sufficient funds are not transferred to the paying agent as required by subsection (1) of this section, the paying agent shall notify the State Treasurer of that failure at least 10 days before the scheduled debt service payment date by:

(a)

Telephone;

(b)

A writing sent by facsimile transmission; and

(c)

A writing sent by first class mail.

(3)

Intentionally left blank —Ed.

(a)

If sufficient moneys to pay the scheduled debt service payment have not been transferred to the paying agent, the State Treasurer shall, on or before the scheduled payment date, transfer sufficient moneys to the paying agent to make the scheduled debt service payment.

(b)

The payment by the State Treasurer:

(A)

Discharges the obligation of the issuing school district to its bondholders for the payment; and

(B)

Transfers the rights represented by the general obligation of the school district from the bondholders to the state.

(c)

The school district shall pay to the State Treasurer all amounts paid by the treasurer to the paying agent, as well as interest, penalties and any additional costs incurred by the treasurer, as provided in ORS 328.346 (Recovery from school districts of payments on school bonds by State Treasurer). [1997 c.614 §6; 1999 c.251 §5]
Note: See note under 328.321 (Definitions for ORS 328.321 to 328.356).

Source: Section 328.341 — Transfer by school districts or State Treasurer of moneys to pay debt service on school bonds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors328.­html.

328.001
Definitions for chapter
328.005
County school fund
328.015
Apportionment to districts
328.030
Partial apportionments
328.045
Apportionment of excess amounts
328.105
Sources
328.110
Custodian of fund
328.115
Loan of fund and rental of lands
328.120
Board of Douglas County School Fund commissioners
328.125
Law concerning Common School Fund to apply
328.130
Loans to be made in name of treasurer
328.135
Fees for services of county officers
328.140
Sale, rental or lease of property
328.155
Sources
328.160
Custodian of fund
328.165
Investment and loan of fund and rental of lands
328.170
Directors as fund commissioners
328.175
Laws governing loans of Common School Fund to apply
328.180
Loans to be made in name of clerk
328.185
Fees for services of clerk
328.190
Sale and conveyance of property
328.205
Power to contract bonded indebtedness
328.210
Bond elections
328.213
Issuance of negotiable interest-bearing warrants
328.230
Issuance of bonds upon favorable vote
328.240
Place of payment
328.245
Limitation on bonded debt of districts generally
328.250
Limitation on bonded indebtedness of enlarged or reorganized school districts
328.255
Registration of bonds and negotiable interest-bearing warrants
328.260
Tax levy to pay interest and principal of bonds
328.265
School district bond tax levied by county
328.270
Payment of principal and interest
328.275
Redemption and payment of bonds
328.280
Funding or refunding district indebtedness
328.284
Funds diversion agreement related to payment on revenue bonds
328.295
Issuance of bonds and interest-bearing warrants
328.300
Marketing bonds jointly or through association
328.304
County education bond district
328.316
Impact aid revenue bonds
328.318
Funds required for impact aid revenue bonds
328.321
Definitions for ORS 328.321 to 328.356
328.326
State guaranty of school bonds allowed
328.331
Certificate evidencing qualification for state guaranty
328.336
Determination of ineligibility
328.341
Transfer by school districts or State Treasurer of moneys to pay debt service on school bonds
328.346
Recovery from school districts of payments on school bonds by State Treasurer
328.348
Security for school bond obligations
328.351
Powers of State Treasurer when state funds are insufficient for payment of debt service
328.356
State Treasurer subject to provisions regarding issuance of general obligation bonds
328.361
Short title
328.441
Custody and disbursement of school district funds
328.445
Disbursement of school funds by check or warrant
328.450
School warrant procedure
328.460
Cancellation of school warrants not presented for payment within seven years
328.465
Annual audit procedure
328.467
Audit determinations
328.470
Purchase of automotive equipment
328.542
Preparation of district budget
328.555
Property liable for district indebtedness
328.565
Power to create indebtedness
328.570
Division of district into tax zones
328.573
Notice of public hearing on tax zones
328.576
Public hearing
328.579
Determination of tax in zones
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