2017 ORS 407.515¹
Oregon War Veterans’ Bond Sinking Account
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(1) The Oregon War Veterans’ Bond Sinking Account is created as a restricted account within the Oregon War Veterans’ Fund. The sinking account shall 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 upon investments of the account and the Oregon War Veterans’ Fund;

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

(g) All other moneys accruing under 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), 407.495 (Oregon War Veterans’ Fund) and 407.515 (Oregon War Veterans’ Bond Sinking Account) not required to be credited to the Oregon War Veterans’ Fund.

(2) Disbursements from the sinking account shall be made upon submission of duly verified claims that are approved by the Director of Veterans’ Affairs. The Secretary of State may audit the claims in the manner that other claims against the state are audited. The moneys in the sinking account, other than those derived from tax levies and from sales of refunding bonds, are continuously appropriated for payment of expenses of administration of 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), 407.495 (Oregon War Veterans’ Fund) and 407.515 (Oregon War Veterans’ Bond Sinking Account) to 407.565 (Revolving account). The moneys in the sinking account 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).

(3) Amounts in the sinking account shall be held and set aside separately from the amounts in the Oregon War Veterans’ Fund and any other funds or assets of this state, but such account may be accounted for as part of the Oregon War Veterans’ Fund.

(4) The debt service reserve account within the sinking account shall be maintained as a subaccount within the sinking account dedicated to provide funds for the payment of bonds issued under authority of Article XI-A of the Oregon Constitution.

(5) Nothing in this section shall be construed so as to impair any covenant or agreement with the holders of such bonds heretofore entered into by the director on behalf of this state with respect to the maintenance of the sinking account as heretofore constituted and any such covenant and agreement shall remain in full force and effect.

(6) The director may create subaccounts in the sinking account necessary for appropriate administration of the director’s duties including, but not limited to, providing for the issuance, security, payment or administration of bonds or to preserve the federally tax exempt status of bonds issued on a federally tax exempt basis. The director may segregate such subaccounts from other subaccounts used for other purposes including, but not limited to, the issuance, security, payment or administration of bonds or other obligations, whether previously or subsequently issued. [Formerly 407.170; 1987 c.425 §7; 1987 c.652 §13; 1989 c.932 §4; 1991 c.220 §12; 2001 c.98 §4; 2011 c.222 §2]

See also annota­tions under ORS 407.170 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 (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 407, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano407.­html (2017) (last ac­cessed Mar. 30, 2018).
 
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.