ORS 286A.824
Article XI-Q bond program
- rules
(1)
The Oregon Department of Administrative Services shall adopt procedures under which a project agency may request:(a)
Financing for real or personal property projects that may be financed with Article XI-Q bond proceeds; or(b)
Refinancing of borrowings issued before December 2, 2010, that financed or refinanced real or personal property projects that would have been eligible for financing under Article XI-Q. The department may periodically bill any project agency for an appropriate share of the bond-related costs of the bonds issued to finance the agency’s projects or refinance the agency’s bonds. The department may bill at such intervals as are established in the department’s procedures and shall deposit amounts paid by project agencies in the Article XI-Q Bond Fund or the Article XI-Q Bond Administration Fund as the department determines is appropriate. A project agency that receives a bill for bond-related costs shall pay the amount billed by the time and in the manner designated in the billing statement from amounts budgeted under ORS 286A.826 (Budgeting for Article XI-Q project costs) or, if necessary, from any other amounts lawfully available for expenditure by the project agency for that purpose.(2)
The State Treasurer may authorize a project agency or the department to act as a related agency under this chapter if necessary or desirable for the issuance or administration of Article XI-Q bonds, including, without limitation, entering into contracts or covenants as provided in ORS 286A.025 (Issuance and sale of bonds). However, a project agency may not request the State Treasurer to issue Article XI-Q bonds.(3)
If Article XI-Q bonds are issued to refinance bonds issued before December 2, 2010, and the bond-related costs of the refinanced bonds were paid by state agencies under ORS 283.091 (Governor’s budget to include amount needed to pay amounts due on unpaid financing agreements), under one of the programs described in ORS 291.445 (Certificate of state agency that issues general obligation bonds) (7) or under a revenue bond program of this state, the state agency whose bonds are refinanced may pay the amounts billed under subsection (1) of this section from the sources of funds previously used by the agency to pay the refinanced bonds or from any other funds lawfully available for payment of the Article XI-Q bonds.(4)
A project agency that receives or holds proceeds of Article XI-Q bonds shall, at the direction of the department, take action necessary to obtain and maintain:(a)
The excludability of interest on Article XI-Q bonds from gross income under the Internal Revenue Code; or(b)
A federal interest subsidy payment or any other tax-advantaged status granted under the Internal Revenue Code for the Article XI-Q bonds. [2011 c.14 §6]
Source:
Section 286A.824 — Article XI-Q bond program; rules, https://www.oregonlegislature.gov/bills_laws/ors/ors286A.html.
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