ORS 283.089
Authority of Director of Oregon Department of Administrative Services regarding financing agreements


The Director of the Oregon Department of Administrative Services may:


Enter into agreements with trustees to hold financing agreement proceeds, payments and reserves as security for lenders, and to issue certificates of participation in the right to receive payments due from the state under a financing agreement. The trustee shall invest amounts held by the trustee at the direction of the State Treasurer. Interest earned on any investments held by a trustee as security for a financing agreement, at the option of the director, may be credited to the accounts held by the trustee and applied in payment of sums due under a financing agreement.


Enter into credit enhancement agreements for financing agreements or certificates of participation, provided that amounts due under credit enhancement agreements are payable solely from available funds and amounts received from the exercise of property rights granted under the financing agreements.


Use the gross proceeds of financing agreements for the purposes described in ORS 283.085 (Definitions for ORS 283.085 to 283.092) (3) and to pay the costs of reserves, credit enhancements and other costs associated with issuing, administering and maintaining the financing.


Use a single financing agreement to finance property to be used by multiple state agencies.


Subject to ORS 283.087 (Financing agreements) (2)(b), grant leases of real property with a trustee or lender. The leases may be for a term that ends on the date on which all amounts due under a financing agreement have been paid or provision for payment has been made, or 10 years after the last scheduled payment under a financing agreement, whichever is later. The leases may grant the trustee or lender the right to evict the state and exclude it from possession of the real property for the term of the lease if the state fails to pay when due the amounts scheduled to be paid under a financing agreement or otherwise defaults under a financing agreement. Upon default, the trustee or lender may sublease the real property to third parties and apply any rentals toward payments scheduled to be made under a financing agreement.


Subject to ORS 283.087 (Financing agreements) (2)(b), grant security interests in personal property to trustees or lenders. The security interests attach and are perfected on the date the state takes possession of the personal property, or the date the lender advances money under a financing agreement, whichever is later. A security interest authorized by this section has priority over all other liens and claims. Upon default, the secured party has the rights and remedies available to a secured party under ORS chapter 79 for a first, perfected security interest in goods and fixtures. Within 10 days after a security interest authorized by this section attaches, the state shall cause a financing statement for the security interest to be filed with the Secretary of State in the same manner as financing statements are filed for goods. However, failure to file the statement does not affect the perfection of the security interest.


Pledge for the benefit of trustees and lenders any amounts that are deposited with a trustee in accordance with a financing agreement. The pledge is valid and binding from the time it is made. Amounts pledged are subject to the lien of the pledge immediately without filing, physical delivery or other act. The lien of the pledge is superior to all other claims and liens of any kind whatsoever.


Bill any state agency that benefits from a financing agreement for an appropriate share of the financing costs on a monthly or other periodic basis, and deposit payments received in connection with the billings with a trustee as security for a financing agreement. Any state agency receiving such a bill shall pay the amounts billed from the first amounts legally available to it. The director shall allocate in appropriate shares the financing costs of a financing agreement entered into for the purpose described in ORS 283.085 (Definitions for ORS 283.085 to 283.092) (3)(d) among all state agencies based on their payroll costs.


Purchase fire and extended coverage or other casualty insurance for property acquired or refinanced with proceeds of a financing agreement, assign the proceeds of the insurance to a lender or trustee to the extent of their interest and covenant to maintain the insurance while the financing agreement is unpaid, so long as available funds are sufficient to purchase the insurance.


As used in this section, “state agency” has the meaning given that term in ORS 286A.730 (Definitions for ORS 286A.730 to 286A.750). [1989 c.1032 §3; 2001 c.445 §170; 2003 c.746 §11; 2007 c.783 §95a; 2013 c.767 §5]
Note: See note under 283.085 (Definitions for ORS 283.085 to 283.092).

Source: Section 283.089 — Authority of Director of Oregon Department of Administrative Services regarding financing agreements, https://www.­oregonlegislature.­gov/bills_laws/ors/ors283.­html.

Federal law governs when federal granted funds involved
Oregon Department of Administrative Services Operating Fund
Special revolving fund for immediate payments
Definitions for ORS 283.085 to 283.092
Financing agreements
Authority of Director of Oregon Department of Administrative Services regarding financing agreements
Governor’s budget to include amount needed to pay amounts due on unpaid financing agreements
Effect of financing agreement on tax status
Authority for state agency to enter into financing agreement
General government administrative functions and information technology and communications functions for state agencies
Furnishing by state agency to another state agency of services, facilities and materials
State agency service unit
“Agency” defined for ORS 283.140 and 283.143
Telephone and telecommunications, mail, shuttle bus and messenger services
Surcharge for telecommunications services
Sale of steam heat to certain museums
Definitions for ORS 283.305 to 283.350
Control and regulation of state-owned motor vehicles
Provision of state-owned vehicle to authorized agency driver
Adoption of mileage limits for use and replacement of state-owned vehicles
Replacement of state-owned vehicle when replacement mileage standard is exceeded
Establishing motor pools
Transfer to pool or sale of vehicles
Acquisition of motor vehicles by department
Acquisition and use of zero-emission and alternative fuel vehicles
Department responsible for motor vehicles under its control
Storage, repair and maintenance facilities
Reports to Department of Environmental Quality and State Department of Energy
Compliance examination on use of state-owned vehicles
Use of privately owned vehicles
Use of Oregon Department of Administrative Services Operating Fund for automotive purposes
State-owned vehicles to be marked
Driving state-owned vehicles for private purposes prohibited
Findings and goals for zero-emission vehicles
Report concerning utilization of zero-emission vehicles within state
Legislative findings
Definitions for ORS 283.415 to 283.425
Department to develop and administer asbestos abatement standards, plans and procedures
Agency responsibility for abatement of asbestos
Expenses of department
Costs of litigation
Green check means up to date. Up to date