Sinking fund account
- • composition, disbursement and investment
(1) There hereby is created a sinking fund account to provide for the payment of the principal and interest of all bonds issued pursuant to the provisions of ORS 530.210 (Definitions for ORS 530.210 to 530.280) to 530.280 (Sinking fund account). The fund shall consist of the following:
(a) All moneys derived from taxes levied under ORS 291.445 (Certificate of state agency that issues general obligation bonds);
(b) All moneys derived from the sale, exchange or use of land acquired pursuant to ORS 530.240 (Use of revenue from bond sales); and
(c) Except as provided in ORS 530.115 (Disposition of certain moneys described in ORS 530.110), all moneys received from the disposal of forest products created through expenditures of moneys available under the Oregon Forest Rehabilitation Act for reforestation.
(2) The moneys referred to in subsection (1) of this section shall be set aside for sinking fund purposes until the issues of bonds which provided funds for such reforestation have been retired. The State Forester shall designate and keep records of the area of land on which the funds from particular issues of bonds have been expended for such reforestation.
(3) Disbursement from the sinking fund shall be made, for the purposes stated, upon the submission of duly verified claims, approved by the State Board of Forestry, to the Secretary of State, who shall audit the same in the manner that other claims against the state are audited. The Oregon Department of Administrative Services thereupon shall draw a warrant on the State Treasurer against the fund. The money in the sinking fund may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.820) to 293.820 (Separate accounts for each local government). [Amended by 1955 c.115 §2; 1957 c.83 §21; 1967 c.335 §52; 1969 c.428 §4; 1991 c.220 §14; 1999 c.59 §168]
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