ORS 328.284
Funds diversion agreement related to payment on revenue bonds


(1)

As used in this section, “qualified revenue bonds” means revenue bonds, as defined in ORS 287A.001 (Definitions for ORS chapter 287A), that:

(a)

Meet the definition of “qualified school construction bonds,” as defined in section 1521 of the federal American Recovery and Reinvestment Act of 2009 (P.L. 111-5) or the description of “qualified zone academy bonds,” in section 54E(a) of the Internal Revenue Code of 1986, as amended; and

(b)

Are sold with other revenue bonds under a program that is facilitated by a statewide organization that represents school boards.

(2)

A school district or an education service district may enter into a funds diversion agreement with the Department of Education for the purpose of making debt service payments on qualified revenue bonds.

(3)

A funds diversion agreement entered into under this section must contain all of the following provisions:

(a)

Moneys payable to the school district or education service district by the department from the State School Fund will be paid directly to a debt service account in amounts equal to the lesser of:

(A)

The amount available to the district for disbursement from the fund; or

(B)

The amount of the debt service owed by the school district or education service district.

(b)

The department must pay the amounts required under the funds diversion agreement to the debt service account specified by the school district or education service district.

(c)

The department must pay the amounts required under the funds diversion agreement pursuant to the schedule specified in the agreement prior to paying any other amounts to the school district or education service district, except for any funds claimed pursuant to ORS 238.698 (Funds diversion agreement) or 328.346 (Recovery from school districts of payments on school bonds by State Treasurer).

(d)

The agreement may not be revoked by the school district or education service district.

(e)

The agreement will remain in effect until all payments for the qualified revenue bonds have been made.

(4)

If the department is not able to pay moneys to a debt service account as required by a funds diversion agreement, the department shall give notice to the school district or education service district within 30 days after becoming aware that the moneys will not be paid according to the agreement. The department is not liable to any holder of qualified revenue bonds, or any trustee of a holder, or any other party for a failure to pay moneys as required under the funds diversion agreement.

(5)

Nothing in this section or in a funds diversion agreement entered into under this section obligates the state or the department to pay an amount to a school district or education service district that is more than amounts the school district or education service district is otherwise entitled to receive from the State School Fund or to pay debt service on qualified revenue bonds issued by the school district or education service district. [2010 c.21 §8; 2011 c.699 §12]
Note: 328.284 (Funds diversion agreement related to payment on revenue bonds) was added to and made a part of ORS chapter 328 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

Source: Section 328.284 — Funds diversion agreement related to payment on revenue 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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