Oregon Revised Statutes
As used in this chapter, unless the context requires otherwise: “Authority” means the Oregon Facilities Authority created by this chapter. “Bonds” or “revenue bonds” means revenue bonds, as defined in ORS 286A.001. “Cost” means the cost of: Construction, acquisition, alteration, enlargement, reconstruction and remodeling of a project, including all lands…
The Legislative Assembly finds that by use of the powers and procedures described in this chapter for the assembling and financing of lands for housing, educational, cultural or other nonprofit uses and for the construction and financing of facilities for those uses, financed through the issuance of revenue bonds secured solely by the properties and rentals …
There is created a body politic and corporate to be known as the Oregon Facilities Authority. The authority is constituted a public instrumentality, and the exercise by the authority of the powers conferred by this chapter is the performance of an essential public function. The authority consists of seven members who must be residents of this state, not mor…
The undertaking of any eligible project must be requested by official action of the participating institution taken at a regular or duly called special meeting thereof by the affirmative vote of a majority of the members of the institution’s board of directors.
In addition to any other powers granted by law, the state, acting through the State Treasurer or a designee of the State Treasurer, may: Enter into agreements to finance the costs of an eligible project by lending the proceeds of bonds authorized by this chapter to a participating institution under terms and with security approved by the state. Lease and s…
In carrying out its duties under this chapter, the Oregon Facilities Authority, acting for and in behalf of the state as its duly authorized agency, may: Acquire, construct and hold in whole or in part any lands, buildings, easements, water and air rights, improvements to lands and buildings and capital equipment to be located permanently or used exclusivel…
Except as provided in ORS 289.115 (2), the state shall not have power to operate any eligible project as a business or in any manner whatsoever. Nothing in this chapter authorizes the state to expend any funds on any eligible project, other than the revenues of such projects, or the proceeds of revenue bonds issued under this chapter, or other funds granted …
The Oregon Facilities Authority shall adopt by rule standards by which to determine the eligibility of projects for bond financing pursuant to this chapter. In determining the standards, the authority shall consider all relevant data. The standards of the authority must provide that projects are approved in accordance with criteria reflecting the benefits to…
The Oregon Facilities Authority Account is created separate and distinct from the General Fund. The account is an investment account for purposes of ORS 293.701 to 293.857. Interest on the account shall be credited to and deposited in the account. The account is continuously appropriated to the Oregon Facilities Authority and may be used to meet administrati…
If the State Treasurer determines that revenue bonds should be issued: The State Treasurer may authorize and issue in the name of the State of Oregon revenue bonds secured by revenues from eligible projects to finance or refinance in whole or part the cost of acquisition, purchase, construction, reconstruction, installations improvement, betterment, extensi…
Reasonable administrative expenses of the State Treasurer shall be charged against bond proceeds or project revenues.
The State Treasurer shall have the power, whenever the treasurer considers refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured. The refunding bonds may be exchanged for bonds to be refunded and the proceeds applied to the purchase, redemption or payment of such bonds.
The validity of bonds issued under this chapter is not dependent on or affected by the validity or regularity of any proceeding relating to the acquisition, purchase, construction, reconstruction, installation, improvement, betterment, extension, management, operation or funding of the project for which the bonds are issued. The official action authorizing s…
The official action authorizing the issuance of bonds under this chapter to finance or refinance, in whole or in part, the acquisition, purchase, construction, reconstruction, installation, improvement, betterment, extension, management, operation or funding of a project may contain covenants that limit the exercises of powers conferred by this chapter in th…
Revenue bonds issued under this chapter shall not: Be payable from nor charged upon any funds other than the revenue pledged to the payment thereof, 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 interes…
Subject to any contractual limitation binding upon the holders of any issue of revenue bonds, or a trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or any trustee therefor, for the equal benefit and protection of all bondholders similarly…
The state, acting through the State Treasurer and the Oregon Facilities Authority, or either of them, may lend the proceeds of the bonds authorized by this chapter for eligible projects without the necessity of the state having any ownership or leasehold interest in the eligible projects. Loans made pursuant to this section shall be secured to the extent con…
Within 90 days following the closing of each fiscal year, the Oregon Facilities Authority shall report on its operations to the Governor, State Treasurer and the Legislative Assembly. The report shall include a summary of the authority’s activities relating to bonds issued under this section. In accordance with any applicable provision of ORS chapter 183, t…
As used in this section, “within the State of Oregon” has the meaning given the term “within this state” in ORS 289.005. Interest on revenue bonds issued by the State Treasurer under the authority of this chapter is exempt from personal income tax under ORS chapter 316 only to the extent that the structure financed with the proceeds of the revenue bonds is …