ORS 407.515
Oregon War Veterans’ Bond Sinking Account

  • sources
  • use

(1)

The Oregon War Veterans’ Bond Sinking Account is created as a restricted account within the Oregon War Veterans’ Fund. The sinking account shall consist of:

(a)

All moneys received as payments on principal and interest of loans made under ORS 407.125 (Loans to qualified person);

(b)

All moneys received as accrued interest upon bonds sold;

(c)

All moneys derived from tax levies provided for in ORS 291.445 (Certificate of state agency that issues general obligation bonds);

(d)

All moneys derived from the sale, rental or administration of property acquired by foreclosure or other proceeding, or deed;

(e)

All moneys received as interest upon investments of the account and the Oregon War Veterans’ Fund;

(f)

All moneys received as proceeds from the sale of refunding bonds; and

(g)

All other moneys accruing under this chapter not required to be credited to the Oregon War Veterans’ Fund.

(2)

Disbursements from the sinking account shall be made upon submission of duly verified claims that are approved by the Director of Veterans’ Affairs. The Secretary of State may audit the claims in the manner that other claims against the state are audited. The moneys in the sinking account, other than those derived from tax levies and from sales of refunding bonds, are continuously appropriated for payment of expenses of administration of this chapter. The moneys in the sinking account may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government).

(3)

Amounts in the sinking account shall be held and set aside separately from the amounts in the Oregon War Veterans’ Fund and any other funds or assets of this state, but such account may be accounted for as part of the Oregon War Veterans’ Fund.

(4)

The debt service reserve account within the sinking account shall be maintained as a subaccount within the sinking account dedicated to provide funds for the payment of bonds issued under authority of Article XI-A of the Oregon Constitution.

(5)

Nothing in this section shall be construed so as to impair any covenant or agreement with the holders of such bonds heretofore entered into by the director on behalf of this state with respect to the maintenance of the sinking account as heretofore constituted and any such covenant and agreement shall remain in full force and effect.

(6)

The director may create subaccounts in the sinking account necessary for appropriate administration of the director’s duties including, but not limited to, providing for the issuance, security, payment or administration of bonds or to preserve the federally tax exempt status of bonds issued on a federally tax exempt basis. The director may segregate such subaccounts from other subaccounts used for other purposes including, but not limited to, the issuance, security, payment or administration of bonds or other obligations, whether previously or subsequently issued. [Formerly 407.170; 1987 c.425 §7; 1987 c.652 §13; 1989 c.932 §4; 1991 c.220 §12; 2001 c.98 §4; 2011 c.222 §2; 2019 c.223 §16]

Source: Section 407.515 — Oregon War Veterans’ Bond Sinking Account; sources; use, https://www.­oregonlegislature.­gov/bills_laws/ors/ors407.­html.

See also annotations under ORS 407.170 in permanent edition.

Attorney General Opinions

Repayment of War Veterans Fund moneys transferred to General Fund, (1988) Vol 46, p 78, clarified (1989) Vol 46, p 245

407.075
Purpose
407.085
Definitions
407.087
Definition of “veteran.”
407.095
Policy against foreclosure
407.125
Loans to qualified person
407.131
Discount of principal
407.135
Authority of department
407.145
Purchase and control of property
407.155
Execution and custody of documents
407.165
Authority to hold certain funds received from borrower
407.169
Escrow accounts
407.177
Loan processing and servicing contracts with lending institutions
407.179
Additional powers delegated to lending institution
407.181
Authority of lending institution
407.185
Cash flow projection
407.195
Loans not being amortized
407.201
Required disclosure of credit information and loan terms
407.205
Application for loan
407.215
Certain loans excludable from maximum loan amount
407.225
Processing of loan application
407.275
Terms of loan to veteran and transferee
407.285
Rate of interest payable by certain transferees
407.295
Transfer to spouse
407.305
Assumption of previous loan by eligible veteran
407.315
Interest rate for veteran’s assumption
407.325
Rate of interest on loans
407.327
Department to prescribe fixed or variable interest rates
407.335
Rate of interest payable by transferee
407.349
Late charges authorized for periodic payments
407.375
Sale of foreclosed properties
407.377
Sale or management of foreclosed property under personal services contract
407.385
Prohibition against using loan for purpose other than farm or home acquisition
407.415
Issuance of bonds
407.425
Factors considered before requesting bond issuance
407.435
Issuance of bonds for tax payment
407.465
Loan cancellation life insurance
407.475
Persons insurable under ORS 407.465
407.480
Definitions for ORS 407.480 to 407.490
407.485
Agreements for mortgage insurance
407.490
Mortgage insurance claims
407.495
Oregon War Veterans’ Fund
407.505
Loan moneys to be reserved for borrower prior to loan commitment
407.515
Oregon War Veterans’ Bond Sinking Account
407.525
Transfer of sinking account moneys to veterans’ fund
407.555
Auditing and payment of claims
407.565
Revolving account
407.595
Loans not subject to execution or assignment
Green check means up to date. Up to date