ORS 283.087
Financing agreements
- limitations
(1)
The Director of the Oregon Department of Administrative Services may enter into financing agreements in accordance with ORS 283.085 (Definitions for ORS 283.085 to 283.092) to 283.092 (Effect of financing agreement on tax status).(2)
Financing agreements entered into under ORS 283.085 (Definitions for ORS 283.085 to 283.092) to 283.092 (Effect of financing agreement on tax status) are subject to the following limitations:(a)
Neither the director nor any other agency of the state may pay amounts due under a financing agreement from any source other than available funds. If there are insufficient available funds to pay amounts due under a financing agreement, the lender may exercise any property rights which the state has granted to it in the financing agreement, against the property which was purchased with the proceeds of the financing agreement, and apply the amounts so received toward payments scheduled to be made by the state under the financing agreement.(b)
Neither the director nor any other agency of the state may grant property rights in property unless the property is being acquired, substantially improved or refinanced with proceeds of a financing agreement entered into under ORS 283.085 (Definitions for ORS 283.085 to 283.092) to 283.092 (Effect of financing agreement on tax status) or the property is land on which improvements financed, in whole or in part, under ORS 283.085 (Definitions for ORS 283.085 to 283.092) to 283.092 (Effect of financing agreement on tax status) are located.(c)
A financing agreement with a principal amount in excess of $100,000 is subject to the requirements of ORS chapter 286A, and the director may exercise the powers granted to a related agency, as defined in ORS 286A.001 (Definitions for ORS chapter 286A), with respect to a financing agreement described in this paragraph.(3)
The expenditure of funds used to finance previously executed financing agreements or to pay costs incurred to issue a financing agreement must be recorded using administrative budget limitations.(4)
For purposes of this section, the principal amount of a financing agreement, other than a financing agreement to refinance a financing agreement, exceeds $100,000 if the principal amount, when combined with the principal amount of a financing agreement, other than a financing agreement to refinance a financing agreement, previously issued for the same project exceeds $100,000.(5)
Upon the request and with the approval of the Chief Justice of the Supreme Court or the State Court Administrator, the Director of the Oregon Department of Administrative Services may enter into financing agreements in accordance with ORS 283.085 (Definitions for ORS 283.085 to 283.092) to 283.092 (Effect of financing agreement on tax status) on behalf of the Judicial Department. [1989 c.1032 §2; 1991 c.642 §4; 1991 c.790 §20; 1993 c.500 §40; 1993 c.635 §3; 2003 c.746 §10; 2007 c.783 §95; 2013 c.767 §4]
Source:
Section 283.087 — Financing agreements; limitations, https://www.oregonlegislature.gov/bills_laws/ors/ors283.html.
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