ORS 353.330
Effect of law on bonds, certificates of participation or agreements for borrowing money

  • responsibility for payment
  • rights of holders of obligations

(1)

Nothing in chapter 162, Oregon Laws 1995, shall be construed in any way to impair the obligations or agreements of the State of Oregon or the Oregon Department of Administrative Services with respect to bonds, certificates of participation, financing agreements or other agreements for the borrowing of money issued prior to July 1, 1995, by the State of Oregon on behalf of the State Board of Higher Education for equipment or projects for Oregon Health and Science University. The university and the department shall take all actions necessary to ensure full compliance with all indentures, resolutions, declarations, agreements and other documents issued with respect to the bonds, certificates of participation, financing agreements or other agreements for the borrowing of money issued prior to July 1, 1995, by the State of Oregon on behalf of the State Board of Higher Education for equipment or projects for the university. The department and the university shall establish, in a written agreement that is approved by the State Treasurer, the responsibility of the university for the payment to the department of moneys sufficient to pay when due all principal, interest and any other charges on bonds, certificates of participation, financing agreements or other agreements for the borrowing of money issued prior to July 1, 1995, by the State of Oregon on behalf of the State Board of Higher Education for equipment or projects for the university.

(2)

Holders of obligations issued by the university on or after July 1, 1995, may be paid pari passu with the obligations issued by the State of Oregon on behalf of the State Board of Higher Education for equipment or projects for the university prior to July 1, 1995, from the rents, revenues, receipts, appropriations or other income of the university, but only to the extent that:

(a)

Such holders have no rights, liens or other interests with respect to such rents, revenues, receipts, appropriations or other income of the university that are senior or superior to the rights granted to the holders of obligations issued prior to July 1, 1995, by the State of Oregon on behalf of the State Board of Higher Education for equipment or projects for the university; and

(b)

The department or the State of Oregon, acting for the benefit of such holders of obligations, is granted a lien or other security interest in the rents, revenues, receipts, appropriations or other income of the university that is not junior to and is at least pari passu with any lien or other security interest granted to the holders of obligations issued by the university.

(3)

Any expenses, including legal expenses, judgments, liabilities and federal arbitrage and rebate penalties arising from the actions of the university, if incurred with respect to bonds, certificates of participation, financing agreements or other agreements for the borrowing of money issued prior to July 1, 1995, by the State of Oregon on behalf of the State Board of Higher Education for equipment or projects for the university, shall be paid when due by the university, subject to the university’s right to reasonably contest such charges, judgments, liabilities or penalties. The university shall assist the department in making any necessary calculations and filing any necessary reports related to arbitrage and rebate on such indebtedness.

(4)

Any amounts deposited with the State Treasurer, the department or its designated agents in any debt service in reserve accounts for the debt service associated with any bonds, certificates of participation, financing agreements or other agreements for the borrowing of money issued prior to July 1, 1995, by the State of Oregon on behalf of the State Board of Higher Education for equipment or projects for the university shall remain with the State Treasurer, the department or its designated agents until such time as the bonds, certificates of participation, financing agreements or other agreements for the borrowing of money for which such reserve accounts have been established have been retired or defeased. The university shall be credited with the investment earnings on such reserve accounts. [1995 c.162 §58; 1999 c.291 §11; 2015 c.767 §23]
Note: Legislative Counsel has substituted “chapter 162, Oregon Laws 1995,” for the words “this Act” in section 58, chapter 162, Oregon Laws 1995, compiled as 353.330 (Effect of law on bonds, certificates of participation or agreements for borrowing money). Specific ORS references have not been substituted pursuant to 173.160 (Powers and duties of Legislative Counsel in preparing editions for publication). These sections may be determined by referring to the 1995 Comparative Section Table located in Volume 22 of ORS.

Source: Section 353.330 — Effect of law on bonds, certificates of participation or agreements for borrowing money; responsibility for payment; rights of holders of obligations, https://www.­oregonlegislature.­gov/bills_laws/ors/ors353.­html.

353.010
Definitions
353.020
Oregon Health and Science University as public corporation
353.030
Public policy of university
353.035
Certain laws to be liberally construed
353.040
Board of directors
353.050
Powers and duties of board and university officials
353.060
President of university
353.070
Products of individuals with disabilities
353.080
Report on activities and operations
353.100
Applicability of laws to university
353.108
Real property and facilities utilized by university
353.110
Authority to acquire private property
353.117
Creation of tax-exempt entity by university
353.120
Adoption of alcohol and drug abuse policy
353.123
Authority regarding resident tuition and scholarships
353.125
Creation of police department and commission of police officers
353.130
Public contracts
353.140
Funding request
353.160
Audits
353.180
Student education records
353.190
Effect of student religious beliefs on admission and attendance
353.200
Rights of students ordered to active duty
353.202
Credit for room, board, tuition and fees for students ordered to active duty
353.205
Credit for education and training received while serving in Armed Forces
353.210
Purpose
353.250
Alternative retirement programs
353.260
Personnel records
353.270
Compensation of officers and employees
353.280
Faculty
353.290
Reductions in faculty
353.300
Political or sectarian test prohibited in appointment of faculty or employees
353.330
Effect of law on bonds, certificates of participation or agreements for borrowing money
353.340
Issuance and sale of revenue bonds by university
353.350
Revenue bonds considered bonds of political subdivision
353.360
Refunding bonds
353.370
Notice to Legislative Assembly required if shortfall in moneys exists for payment of amounts under bonds, certificates of participation or agreements for borrowing money
353.380
Definitions for ORS 353.380 to 353.420
353.390
Authority
353.400
Delegation of board authority
353.410
University powers regarding financing agreements and credit enhancement agreements
353.420
Effect of financing agreement on tax status
353.440
Coordination of programs
353.445
Venture grant program
353.450
Area Health Education Center program
353.455
Family medicine residency network
353.460
Oregon Institute of Occupational Health Sciences
353.470
Funding of institute
353.480
Pediatric dental residency program
353.485
Oregon Psychiatric Access Line program
353.550
Definitions for ORS 353.550 to 353.559 and sections 10, 12, 14, 16 and 18, chapter 921, Oregon Laws 2001
353.553
Short title
353.556
Purpose
353.559
Creation
353.600
Definitions for ORS 353.600 to 353.612
353.603
Grant distribution
353.606
Oregon Nursing Shortage Coalition Committee
353.609
Duties of committee
353.612
Nursing Education Grant Fund
Green check means up to date. Up to date