ORS 286A.045
Borrowing for current expenses


(1)

The State Treasurer may issue bonds to finance all or a portion of the current expenses of this state. The amount of bonds issued under this section at any time may not exceed the State Treasurer’s estimate of the cash flow deficit in revenues available to pay the expenses that are financed with the bonds, plus amounts for reasonable reserves and costs.

(2)

To estimate the amount of cash flow deficit, the State Treasurer shall take into account the most recent cash flow forecast made by the Oregon Department of Administrative Services and any other information the State Treasurer determines is reliable and relevant.

(3)

When the State Treasurer issues bonds under this section:

(a)

The Oregon Department of Administrative Services shall account for and administer the proceeds of the bonds and the repayment of the bonds. The State Treasurer, in consultation with the Oregon Department of Administrative Services, shall determine the appropriate investment strategy for the proceeds of the bonds. The State Treasurer shall notify the Director of the Oregon Department of Administrative Services, the Legislative Fiscal Officer and the Legislative Revenue Officer before issuing bonds under this section.

(b)

The State Treasurer may pledge:

(A)

All or a portion of the revenues of the State of Oregon to pay bonds issued under this section.

(B)

The full faith and credit of the State of Oregon to pay bonds issued under this section if the bonds are payable from the Short Term Borrowing Account established under ORS 286A.050 (Short Term Borrowing Account) and the bonds mature not later than the end of the biennium in which the bonds are issued.

(c)

A state agency may use the proceeds of bonds issued under this section:

(A)

For a purpose for which the revenues that are pledged to pay the bonds may be used;

(B)

To pay principal, interest and premium, if any, on the bonds or a rebate or penalty due to the United States in connection with the bonds;

(C)

To pay the cost of credit enhancement devices with respect to the bonds;

(D)

To pay the costs of the State Treasurer and the Oregon Department of Administrative Services of issuing, administering or maintaining the bonds including, but not limited to, the cost of a consultant or adviser retained by the State Treasurer or the Oregon Department of Administrative Services; or

(E)

To make payments with respect to agreements for the exchange of interest rates.

(4)

This section constitutes complete authority for the State Treasurer to issue bonds described in this section.

(5)

ORS 286A.035 (Bond budget authorization) does not apply to bonds authorized by this section.

(6)

The requirements and limitations that apply to certificates of indebtedness issued under ORS 293.165 (Borrowing to pay warrants against General Fund) do not apply to bonds issued by the State Treasurer under this section.

(7)

This section and ORS 286A.050 (Short Term Borrowing Account) constitute complete authorization by the Legislative Assembly for the use and expenditure of the proceeds of the bonds and the revenues pledged to pay those bonds for the purposes described in subsection (3)(c) of this section. Additional appropriation or authorization is not necessary. The authorization contained in this section and ORS 286A.050 (Short Term Borrowing Account) to spend moneys for the purposes described in subsection (3)(c) of this section does not constitute an appropriation for purposes of ORS 291.357 (Limitation on rate of growth of appropriations for general governmental purposes).

(8)

The proceeds of bonds issued by the State Treasurer under this section do not constitute revenues received by the General Fund for purposes of section 14, Article IX of the Oregon Constitution, and ORS 291.349 (Revenue estimate).

(9)

The State Treasurer may perform the duties and exercise the powers of a related agency under this section. [2007 c.783 §11]

Source: Section 286A.045 — Borrowing for current expenses, https://www.­oregonlegislature.­gov/bills_laws/ors/ors286A.­html.

286A.001
Definitions for ORS chapter 286A
286A.003
State policy on debt management
286A.005
Authority of State Treasurer to issue bonds
286A.010
Information required by State Treasurer
286A.014
Fees and expenses of State Treasurer
286A.015
Payment of expenses of State Treasurer
286A.016
Disposition of charges
286A.025
Issuance and sale of bonds
286A.035
Bond budget authorization
286A.045
Borrowing for current expenses
286A.050
Short Term Borrowing Account
286A.055
Report by State Treasurer on amount of bonds issued, amounts repaid, costs and interest earned
286A.056
Cancellation or postponement of scheduled issuance of bonds
286A.095
Compliance with constitutional or statutory debt limit
286A.100
Definitions for ORS 286A.100 and 286A.102
286A.102
Lien of a pledge
286A.110
Agreements for exchange of interest rates
286A.118
Termination payment of conduit borrower
286A.120
Credit enhancement devices
286A.123
Agency purchase of own bonds
286A.130
Bond counsel services
286A.132
Debt-related advisory services
286A.140
State taxation of bond interest
286A.145
Federal taxation of bond interest
286A.160
Exception to expenditure limits for repaying obligations
286A.185
Cancellation, purchase or redemption of bonds
286A.190
Disclosure of bond ownership
286A.195
Financial audit of bond programs
286A.200
Administration of certain bond programs by Oregon Department of Administrative Services
286A.250
State Debt Policy Advisory Commission
286A.255
Functions and duties of commission
286A.560
Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711
286A.563
Purposes
286A.566
Requirements for legislation authorizing lottery bonds
286A.570
Lottery Bond Fund
286A.573
Lottery Bond Administrative Fund
286A.576
Allocation of lottery moneys for lottery bonds
286A.578
Litigation challenging legality of Oregon State Lottery
286A.580
Issuance of lottery bonds
286A.585
Lottery bonds for community sports facilities
286A.605
Definitions for ORS 286A.605 to 286A.625
286A.615
Private Activity Bond Committee
286A.620
Private activity bond volume cap
286A.625
State Treasurer to maintain records
286A.630
Reallocation of private activity bond cap
286A.700
Authority to issue baccalaureate bonds
286A.710
Definitions for ORS 286A.710 to 286A.720
286A.712
Authority of State Treasurer to issue bonds
286A.714
Article XI-D Bond Fund
286A.716
Article XI-D Bond Administration Fund
286A.718
Renewable Energy Fund
286A.720
Payment of bond-related costs
286A.730
Definitions for ORS 286A.730 to 286A.750
286A.735
Authority of State Treasurer to issue pension liability bonds
286A.740
Article XI-O Bond Fund
286A.745
Article XI-O Bond Administration Fund
286A.750
Terms and conditions of pension liability bonds
286A.760
Definitions for ORS 286A.760 to 286A.772
286A.762
Authority of State Treasurer to issue bonds
286A.764
Article XI-M Bond Fund
286A.766
Article XI-M Bond Administration Fund
286A.768
Education Seismic Fund
286A.772
Payment of bond-related costs
286A.780
Definitions for ORS 286A.780 to 286A.792
286A.782
Authority of State Treasurer to issue bonds
286A.784
Article XI-N Bond Fund
286A.786
Article XI-N Bond Administration Fund
286A.788
Emergency Services Seismic Fund
286A.792
Payment of bond-related costs
286A.796
Definitions for ORS 286A.796 to 286A.806
286A.798
Authority of State Treasurer to issue bonds
286A.800
School capital matching bond program
286A.801
Matching fund grants to school districts
286A.802
Article XI-P Bond Fund
286A.804
Article XI-P Bond Administration Fund
286A.806
School Capital Matching Fund
286A.808
Oregon School Capital Improvement Matching Account
286A.810
LEED certification of school projects financed with Article XI-P bonds
286A.816
Definitions for ORS 286A.816 to 286A.826
286A.818
Authority of State Treasurer to issue bonds
286A.820
Article XI-Q Bond Fund
286A.822
Article XI-Q Bond Administration Fund
286A.824
Article XI-Q bond program
286A.826
Budgeting for Article XI-Q project costs
286A.830
Definitions for ORS 286A.830 to 286A.863
286A.833
Authority of State Treasurer to issue Article XI-F(1) bonds
286A.836
Loan agreements for Article XI-F(1) bonds
286A.839
Article XI-F(1) Bond Fund
286A.842
Article XI-F(1) Bond Administration Fund
286A.845
Budgeting for Article XI-F(1) bonds
286A.848
Authority of State Treasurer to issue Article XI-G bonds
286A.851
Grant contracts for Article XI-G bonds
286A.854
Article XI-G Bond Fund
286A.857
Article XI-G Bond Administration Fund
286A.860
Budgeting for Article XI-G bonds
286A.863
Rules
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