Earnings in excess of amounts required for authority
The earnings of a community forest authority created under ORS 530.606 (Creation of authority) in excess of the amount required for the retirement of indebtedness or the accomplishment of the purposes of ORS 530.600 (Definitions for ORS 530.600 to 530.628) to 530.628 (Application of laws to authority and to issuance of bonds) shall not inure to the benefit of a person or body other than the municipality creating the authority. An authority may transfer, from time to time, to the municipality creating the authority any excess moneys not needed to pay the authority’s expenses or to pay the authority’s bonds or other obligations, and the municipality may use such transferred funds for any lawful purpose of the municipality. Upon dissolution of an authority, any asset remaining after provision for payment of the obligations and expenses of the authority becomes an asset of the municipality. [2005 c.500 §14]
Note: See note under 530.600 (Definitions for ORS 530.600 to 530.628).
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. Currency Information