2015 ORS 407.495¹
Oregon War Veterans’ Fund
  • sources
  • uses

(1) The money arising from the sale of each issue of bonds authorized under section 2, Article XI-A, of the Oregon Constitution, shall be deposited in the State Treasury and be credited to a special fund separate and distinct from the General Fund, to be known as the Oregon War Veterans’ Fund; which fund hereby is appropriated for the purpose of carrying out the provisions of this section and ORS 407.115 (Administration of loan program), 407.125 (Loans to qualified person), 407.165 (Authority to hold certain funds received from borrower), 407.205 (Application for loan), 407.275 (Terms of loan to veteran and transferee), 407.415 (Issuance of bonds) and 407.515 (Oregon War Veterans' Bond Sinking Account) to 407.565 (Revolving account) and to purchase bonds issued for the purposes of such provisions. With the approval of the Department of Veterans’ Affairs, the moneys in the fund not immediately required for loaning may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government). The earnings from such investments shall inure to the Oregon War Veterans’ Fund.

(2) In addition to the money arising from the sale of such bonds, the Oregon War Veterans’ Fund shall also consist of:

(a) All moneys received as payments on principal and interest of loans made under ORS 407.125 (Loans to qualified person);

(b) All moneys received as accrued interest upon bonds sold;

(c) All moneys derived from tax levies provided for in ORS 291.445 (Certificate of state agency that issues general obligation bonds);

(d) All moneys derived from the sale, rental or administration of property acquired by foreclosure or other proceeding, or deed;

(e) All moneys received as interest earned on the investment of moneys in the Oregon War Veterans’ Fund;

(f) All moneys received as proceeds from the sale of refunding bonds; and

(g) All other moneys accruing under this section and ORS 407.115 (Administration of loan program), 407.125 (Loans to qualified person), 407.165 (Authority to hold certain funds received from borrower), 407.205 (Application for loan), 407.275 (Terms of loan to veteran and transferee), 407.415 (Issuance of bonds), 407.425 (Factors considered before requesting bond issuance), 407.435 (Issuance of bonds for tax payment), 407.555 (Auditing and payment of claims) and 407.565 (Revolving account).

(3) All moneys in the Oregon War Veterans’ Fund are continuously appropriated to the Department of Veterans’ Affairs for the following purposes:

(a) To carry out the provisions of this section and ORS 407.115 (Administration of loan program), 407.125 (Loans to qualified person), 407.165 (Authority to hold certain funds received from borrower), 407.205 (Application for loan), 407.275 (Terms of loan to veteran and transferee), 407.415 (Issuance of bonds), 407.425 (Factors considered before requesting bond issuance), 407.435 (Issuance of bonds for tax payment), 407.555 (Auditing and payment of claims) and 407.565 (Revolving account);

(b) To purchase bonds issued for the purposes of such provisions; and

(c) Except for moneys derived from the sale of bonds or from tax levies, for payment of expenses of the administration of this section and ORS 407.115 (Administration of loan program), 407.125 (Loans to qualified person), 407.165 (Authority to hold certain funds received from borrower), 407.205 (Application for loan), 407.275 (Terms of loan to veteran and transferee), 407.415 (Issuance of bonds), 407.425 (Factors considered before requesting bond issuance), 407.435 (Issuance of bonds for tax payment), 407.555 (Auditing and payment of claims) and 407.565 (Revolving account).

(4) With the approval of the department, the moneys in the Oregon War Veterans’ Fund not immediately required to provide loans for the acquisition of farms and homes may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government). The earnings from such investments shall be credited to the Oregon War Veterans’ Fund. [Formerly 407.160; 1987 c.652 §10; 1991 c.220 §11; 2005 c.625 §49]

See also annota­tions under ORS 407.160 in permanent edi­tion.

Atty. Gen. Opinions

Repay­ment of War Veterans Fund moneys transferred to General Fund, (1988) Vol 46, p 78, clarified (1989) Vol 46, p 245

Chapter 407

Atty. Gen. Opinions

Applica­tion of penalties, loan limits and assump­tion of addi­tional loans, (1977) Vol 38, p 1108; buydown mortgages, (1981) Vol. 42, p 174


1 Legislative Counsel Committee, CHAPTER 407—Veterans Loans, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors407.­html (2015) (last ac­cessed Jul. 16, 2016).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2015, Chapter 407, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano407.­html (2015) (last ac­cessed Jul. 16, 2016).
 
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.