Oregon
Rule Rule 122-075-0150
Management of Bond Proceeds


(1)

All Bond sale proceeds intended for program purposes will be held in the appropriate funds or accounts designated by ORS chapter 286A at the Oregon State Treasury, or as may be otherwise designated by a trust indenture or other law. The Benefiting Agency and the Department shall exchange information to ensure that Bond sale proceeds are spent only for lawfully authorized purposes and, if derived from Tax-advantaged Bonds, are used in compliance with any provision of the Internal Revenue Code and applicable regulations. The Benefiting Agency shall consult with the Department and follow its directives with respect to appropriate accounting and record keeping for such expenditures.

(2)

Any reserve account equal to the maximum allowable reserve authorized in the Internal Revenue Code at the time the Bonds are issued shall be held by an independent trustee or in the appropriate fund or account designated by ORS chapter 286A or other statutes in the Oregon State Treasury. Interest earnings on the reserve shall be used to pay debt service on the related Bonds after the payment of any arbitrage earnings payable under Internal Revenue Code, when due.
Source
Last accessed
Oct. 22, 2019