2017 ORS 238.696¹
Debt service trust fund

(1) A public body, or a group of public bodies that enter into an intergovernmental agreement under ORS 238.695 (Intergovernmental agreements for collective issuance, administration or payment of bonds), may establish a debt service trust fund for the purpose of paying the principal and interest on bonds issued under ORS 238.692 (Definitions for ORS 238.692 to 238.698) to 238.698 (Funds diversion agreement). The trustee of the debt service trust fund shall hold the moneys paid into the trust fund solely for the purpose of paying the principal and interest on bonds issued under ORS 238.692 (Definitions for ORS 238.692 to 238.698) to 238.698 (Funds diversion agreement) and for paying the administrative costs of the trust fund.

(2) Moneys held in a debt service trust fund are subject to the limitations on investment imposed by ORS 294.033 (Investment of deferred compensation funds) and 294.035 (Investment of funds of political subdivisions).

(3) A public body, or a group of public bodies that enter into an intergovernmental agreement under ORS 238.695 (Intergovernmental agreements for collective issuance, administration or payment of bonds), that has established a debt service trust fund under this section may not divert or pledge any moneys paid into the trust fund for any purpose other than the purpose specified in subsection (1) of this section until the total amount of principal and interest on bonds issued by the public body or under the intergovernmental agreement, and any premium on those bonds, is paid. [2001 c.945 §26; 2007 c.783 §80]

1 Legislative Counsel Committee, CHAPTER 238—Public Employees Retirement System, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors238.­html (2017) (last ac­cessed Mar. 30, 2018).
 
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.