2017 ORS 348.690¹
Liability of state for bonds

(1) Revenue bonds issued under ORS 348.570 (Funds in State Treasury) and 348.625 (Definitions for ORS 348.570 and 348.625 to 348.695) to 348.695 (Rights and remedies of bondholders and trustees):

(a) Shall not be payable from nor charged upon any funds other than the revenue pledged to the payment thereof, except as provided in this section, nor shall the state be subject to any liability thereon. No holder or holders of such bonds shall ever have the right to compel any exercise of the taxing power of the state to pay any such bonds or the interest thereon, nor to enforce payment thereof against any property of the state.

(b) Shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the state other than the Oregon Student Assistance Fund established by ORS 348.570 (Funds in State Treasury), any account or subaccount thereof or student loans, if any, owned or acquired by the Higher Education Coordinating Commission pursuant to the alternative student loan program.

(2) Each bond issued under ORS 348.570 (Funds in State Treasury) and 348.625 (Definitions for ORS 348.570 and 348.625 to 348.695) to 348.695 (Rights and remedies of bondholders and trustees) shall recite in substance that the bond, including interest on the bond, is payable solely from the revenue pledged to the payment of the bond. No such bond shall constitute a debt of the state or a lending of the credit of the state within the meaning of any constitutional or statutory limitation. However, nothing in ORS 348.570 (Funds in State Treasury) and 348.625 (Definitions for ORS 348.570 and 348.625 to 348.695) to 348.695 (Rights and remedies of bondholders and trustees) is intended to impair the rights of holders of bonds to enforce covenants made for the security of the bonds as provided in ORS 348.685 (Covenants in actions authorizing bonds). [1987 c.842 §16; 2011 c.637 §203; 2013 c.747 §137; 2015 c.513 §20]

1 Legislative Counsel Committee, CHAPTER 348—Student Aid; Education Stability Fund; Planning, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors348.­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.