Oregon Revised Statutes
As used in this chapter, unless the context requires otherwise: “Administrative office for the county” means the administrative office of the education service district, or of any common school district that includes an entire county. “Impact aid revenues” means the revenues received by a school district from the federal government pursuant to 20 U.S.C. 77…
The governing body of each county shall create a county school fund. When a county governing body transfers federal forest reserve receipts under ORS 294.060 (4) subject to a condition that such moneys be used only for a purpose described in ORS 328.205 (1)(a) or (c), a school district receiving a share of such moneys may not use the moneys for any other pu…
On the first Monday in December the executive officer of the administrative office for the county shall apportion the county school fund among the several districts in the county, in proportion to the resident average daily membership for the preceding fiscal year in each district as reported by the district to the administrative office of the county. In the…
The executive officer of the administrative office for the county, upon the written request of any district school board, may make a partial apportionment to any district of any money due it at the time of making a regular apportionment under ORS 328.015, and apportion the remainder at the next regular apportionment. The county treasurer shall pay any partia…
Any moneys in the county school fund in excess of the amount required by law may, by order of the county governing body, be apportioned under ORS 328.015 separately from remaining county school fund moneys. Amounts separately apportioned under this section to a school district shall not be considered a budget resource under the Local Budget Law but shall be …
The proceeds of all gifts, devises and bequests made to Douglas County for common school purposes shall be set apart as a separate and irreducible school fund, to be called the Douglas County School Fund, the interest of which shall be applied to the support and maintenance of all common schools in said county.
The county treasurer shall be the custodian of the Douglas County School Fund. The bond as treasurer shall include the honest and faithful performance of the duties of the county treasurer as such custodian.
The county treasurer shall loan the Douglas County School Fund in the manner provided by law at the best rate obtainable per annum and shall rent all lands owned by the county belonging to the fund. The county treasurer shall place the interest and rentals with other moneys the county receives for support of the common schools. The education service distric…
The chairperson of the board of county commissioners, clerk and treasurer of Douglas County are appointed as a board of Douglas County School Fund commissioners. They shall approve all applications for loans as to title and value of security offered. The treasurer shall make no loan or lease any land until such board has given its approval.
The laws governing the loaning of the Common School Fund of this state, so far as applicable and not in conflict with ORS 328.105 to 328.140 shall govern the loaning of the Douglas County School Fund.
All loans shall be made in the name of the treasurer of Douglas County but for the benefit of the fund. The treasurer shall collect all sums due the fund in the manner provided by law.
No officer of Douglas County shall charge or receive fees for any service performed in regard to the fund. All expenses of making a loan shall be paid for by the applicant.
The board of Douglas County School Fund commissioners may sell and convey by deed, executed by all of said commissioners, any and all real property devised to Douglas County for common school purposes, whenever in the judgment of such board the interest of the school fund will be subserved by such sale, or may rent or lease the same when it deems best. The b…
The proceeds of all gifts, devises and bequests made to School District No. 1, Klamath County, for common school purposes, for the use and benefit of said district shall be set apart as a separate and irreducible school fund, to be called the Common School Fund for District No. 1, Klamath County. The interest from the fund shall be applied to the support and…
The clerk of Klamath County School District No. 1 shall be custodian of the Common School Fund for District No. 1, Klamath County. The bond of the clerk shall require the honest and faithful performance of the duties of the clerk as such custodian.
The board of common school fund commissioners for Klamath County School District No. 1 may invest all or part of the fund in bonds of the United States of America. With regard to any funds not so invested, the district clerk shall loan the fund in the manner provided by law at no less than four percent per annum and rent all lands owned by the district belon…
The directors of School District No. 1 of Klamath County are appointed as a board of common school fund commissioners for the district to approve all applications for loans as to title and value of the security offered. The security shall be real property in Klamath County of at least double the value of the loan. The clerk of the district shall make no loan…
The laws governing loaning of the Common School Fund of this state, so far as applicable and not in conflict with ORS 328.155 to 328.190 shall govern the loaning of the Common School Fund for District No. 1, Klamath County.
All loans shall be made in the name of the clerk of School District No. 1 of Klamath County, but for the benefit of the fund. The clerk shall collect all sums due the fund in the manner provided by law. The principal shall be reloaned.
The clerk of the district shall not charge or receive fees for any services performed in regard to the fund. All expenses of making a loan shall be paid for by the applicant.
The board of directors of School District No. 1, Klamath County, may sell and convey by deed, executed by all the members of said board of directors, any and all real property devised to the district for common school purposes, or any and all real property acquired by the district in connection with the administration of said fund, whenever in the board’s ju…
Common and union high school districts may contract a bonded indebtedness for any one or more of the following purposes for the district: To acquire, construct, reconstruct, improve, repair, equip or furnish a school building or school buildings or additions thereto; To fund or refund the removal or containment of asbestos substances in school buildings an…
The board of directors of a common or union high school district shall call an election on a date specified in ORS 255.345 for the purpose of submitting to the electors of the district a question of contracting bonded indebtedness under ORS 328.205 when: A majority of the board of directors decides to call such an election; or A petition requesting such an…
When authorized by a majority of the electors of the district, the board of a common or union high school district may contract a district debt for an amount which together with outstanding bonded indebtedness shall not exceed the bonding limit of the district as provided by ORS 328.245, for the purposes specified in ORS 328.205 and issue negotiable interest…
If the electors of the district approve the contracting of bonded indebtedness, the bonds shall be issued as prescribed in ORS chapter 287A.
The principal and interest on district bonds are payable in lawful money of the United States of America at the office of the treasurer or fiscal officer of the county in which the major portion of the assessed valuation of the district is located at the time the bonds are issued.
The aggregate amount of such district bonded indebtedness, including indebtedness authorized under ORS 328.213, shall not exceed the following percentages of real market value of all taxable property within the district, computed in accordance with ORS 308.207: For each grade from kindergarten to eighth for which the district operates schools, fifty-five on…
In any school district created by merger or reorganization, the amount of bonded indebtedness and negotiable interest-bearing warrant indebtedness which may be incurred under ORS 328.245 shall be reduced by the amount of premerger, prereorganization, bonded indebtedness and negotiable interest-bearing warrant indebtedness for which any school district includ…
The county treasurer or county fiscal officer shall register each school district bond, including refunding bonds, and negotiable interest-bearing warrants in a book kept for that purpose, noting the school district, amount, date, time and place of payment, rate of interest and such other facts as may be deemed proper. The county treasurer or fiscal officer …
The district school board shall ascertain and levy annually, in addition to all other taxes, a direct ad valorem tax on all the taxable property in the school district, sufficient to pay the maturing interest and principal of all serial school district bonds promptly when and as such payments become due. The amount of the tax may be increased by an amount su…
The district school board of each school district having an outstanding bond issue shall file annually with the county treasurer or county fiscal officer a copy of the school district budget and tax levy. If the tax required by ORS 328.260 is not levied by the district school board, the county treasurer shall certify the amount necessary to the governing bo…
The county treasurer or county fiscal officer must cause to be paid out of any money in the hands of the county treasurer or county fiscal officer belonging to the school district, the interest on or principal of, as the case may be, any bond issued by the district promptly when and as the same becomes due at the place of payment designated in such coupons o…
Whenever the sinking fund mentioned in ORS 328.260 is sufficient to permit the redemption of any bond then subject to redemption at the option of the school district, the county treasurer or fiscal officer of the county having custody of such fund, when authorized by the district school board, shall call such bond for redemption in accordance with the terms …
Whenever any school district has any outstanding negotiable interest-bearing warrant indebtedness or bonded indebtedness incurred in building or furnishing any schoolhouse, or for the purchase of any schoolhouse site, or in refunding bonded indebtedness, or in funding warrant indebtedness, which is due or subject at the option of the school district to be pa…
As used in this section, “qualified revenue bonds” means revenue bonds, as defined in ORS 287A.001, that: Meet the definition of “qualified school construction bonds,” as defined in section 1521 of the federal American Recovery and Reinvestment Act of 2009 (P.L. 111-5) or the description of “qualified zone academy bonds,” in section 54E(a) of the Internal R…
All school bonds, including funding and refunding bonds, notes and negotiable interest-bearing warrants which have been specifically authorized by vote of the electors, shall be issued as prescribed in ORS chapter 287A.
Two or more school districts may join together to market the bond issues of the districts, subject to such terms and conditions as the districts may agree. School districts may market bonds through an association of which school boards are members, subject to such terms and conditions as the school districts and the association may agree.
A board of directors of an education service district may proceed under subsection (2) of this section to create a county education bond district if two-thirds of the component school districts that are part of the education service district and that have at least a majority of the pupils included in the average daily membership of the education service dist…
Pursuant to an agreement between a school district board and the governing body of an Indian tribe whose reservation is located partly or wholly within the district, a school district board, by resolution, may issue negotiable impact aid revenue bonds pursuant to this section. As used in paragraph (b) of this subsection, the average amount of impact aid rev…
If a school district board issues impact aid revenue bonds under ORS 328.316, the board shall establish: An impact aid revenue bond building fund consisting of the net proceeds received from the sale of the bonds. The fund shall be a continuing fund that is not subject to reversion to another fund. The board may use moneys in the fund only for the purposes …
OREGON SCHOOL BOND GUARANTY ACT
As used in ORS 328.321 to 328.356: “Common School Fund” means the state school fund described in section 2, Article VIII, Oregon Constitution. “General obligation bond” has the meaning given that term in ORS 287A.001. “Paying agent” means the corporate paying agent selected by the school district board for a school bond issue who is: Duly qualified; and …
The State Treasurer may, by issuing a certificate of qualification to a school district, pledge the full faith and credit and taxing power of the state to guarantee full and timely payment of the principal of, either at the stated maturity or by any advancement of maturity pursuant to a mandatory sinking fund payment, and interest on school bonds as such pay…
Any school district may request that the State Treasurer issue a certificate evidencing qualification of its school bonds for the state guaranty. The State Treasurer may, in accordance with ORS chapter 183, adopt and enforce rules that prescribe procedures for school district applications to qualify for the certificate of qualification and state guaranty an…
If the State Treasurer determines that the state should not guarantee the school bonds of a school district, the State Treasurer shall: Prepare a determination of ineligibility; and Keep the determination on file in the office of the State Treasurer. The State Treasurer may remove a school district from the status of ineligibility and may issue a certific…
Each school district with outstanding, unpaid school bonds issued with the state guaranty shall transfer moneys sufficient for the scheduled debt service payment to its paying agent at least 15 days before any principal or interest payment date for the school bonds. The paying agent may, if instructed to do so by the school district, invest the moneys for t…
If one or more payments on school bonds are made by the State Treasurer as provided in ORS 328.341, the State Treasurer shall pursue recovery from the school district of all moneys necessary to reimburse the state for all amounts paid by the treasurer to the paying agent, as well as interest, penalties and any additional costs incurred by the treasurer as de…
Except for moneys subject to the intercept provided in ORS 328.346 (1)(a), a school district may pledge as security for its obligation to reimburse the state under ORS 328.346 (2) any: Revenues received or held by the school district; or Real or personal property held by the school district. The lien of any pledge, mortgage or security interest granted by…
If, at the time the state is required to make a debt service payment under the state guaranty on behalf of a school district, sufficient moneys of the state are not on hand and available for that purpose, the State Treasurer may, singly or in any combination: Obtain from the Common School Fund or from any other state funds that qualify to make a loan under …
If the State Treasurer issues state bonds, the treasurer shall be subject to the provisions of ORS 291.445 as an agency that is authorized to issue general obligation bonds that are ordinarily to be repaid from General Fund appropriations. Note: See note under 328.321.
ORS 328.321 to 328.356 shall be known as the Oregon School Bond Guaranty Act. Note: See note under 328.321.
DISBURSEMENTS; AUDITS
Common school district boards and union high school district boards shall designate the persons to be custodians of school funds of their respective districts. Such funds shall be disbursed only in the manner provided by ORS 328.445 (1). For the purpose of receiving deposits of school funds, the district school board of each district described in subsection…
When funds are available for payment, school district obligations shall be paid by check bearing the original signature of the custodian of the district school funds; or if authorized by the district school board, the custodian’s facsimile signature. Where a statute specifies a warrant as the means by which school district obligations shall be paid, warrant…
As used in this section, “school district obligation” includes salaries of district employees and other regularly contracted services. Except as provided in ORS 328.445 (2), warrants in payment of school district obligations shall be issued only when there are insufficient funds to pay the warrant and shall be indorsed “not paid for want of funds”. Warrants…
At the last regular district school board meeting preceding July 1 in each year, the district clerk shall certify to the board a list of all school district warrants which were called for payment more than seven years prior to July 1 next following the meeting, and which have not been paid. The certification shall state the amount of each of such warrants, t…
All school district boards and education service district boards shall cause to have prepared an annual audit of the books and accounts of the school district or education service district in the manner set forth in subsection (2) or (3) of this section. The audit reports must be filed with the administrative office for the county in which the administrative…
In performing an audit required under ORS 328.465, the accountant under contract with a county, a school district board or an education service district board shall determine whether the school district or education service district has: Followed generally accepted accounting principles in reporting the district’s financial condition and operations; and Su…
Notwithstanding ORS 280.040 to 280.145 and any other provision of law, any school district board by resolution may provide for the replacement or acquisition of automotive equipment by making transfers from the district’s general fund to a fund established for that purpose. Transfers to the fund shall be included in the school district budget prepared and pu…
TAXES AND INDEBTEDNESS
Subject to the Local Budget Law (ORS 294.305 to 294.565) and to sections 11 and 11b, Article XI, Oregon Constitution, each school district board shall prepare annually or biennially the budget of the school district and shall certify ad valorem property taxes to the assessor as provided by law. In addition to the requirements prescribed by ORS 294.305 to 29…
All taxable property in a school district at the time any indebtedness is incurred by such district and all taxable property subsequently located in the area comprising such district shall be liable to taxation for the payment of such indebtedness until paid. No taxable property in territory included in a school district whose boundaries change as a result …
As used in this section, “qualified zone academy bond” has the meaning given the term in section 1397E of the Internal Revenue Code, as amended and in effect on January 1, 2002. A district school board may contract indebtedness as provided under ORS 287A.180. A district school board may issue qualified zone academy bonds or similar tax credit bonds authori…
The district board of a school district may divide the district into tax zones for the purpose of imposing and levying ad valorem property taxes at different rates and amounts on the assessed value of all taxable property in each zone if the school district: Supplies a portion of kindergarten through grade 12 education in certain areas of the school distric…
The district board of a school district seeking to establish tax zones under ORS 328.570 to 328.579 shall cause a notice of a public hearing relating to the formation of the tax zones to be published once a week for two successive weeks in the newspaper in general circulation in the district that, in the judgment of the district board, will afford the best n…
Following the notice required under ORS 328.573, the district board of a school district seeking to establish tax zones shall conduct a public hearing at which district residents and property owners may testify about the proposed zones. Following the hearing, if the district board decides to proceed, the district board shall adopt a resolution establishing …
If a school district is divided into tax zones under ORS 328.570 to 328.579, the district board shall determine, make and declare each item of ad valorem property tax, as set forth in ORS 310.060 (2), for each zone established in the district when the district board adopts its budget for any fiscal year. The operating tax rate for each tax zone of the distr…
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