State Borrowing

ORS 286A.563
Purposes

  • nature of lottery bonds

(1)

The Legislative Assembly declares that the purpose of ORS 286A.560 (Definitions for ORS 286A) to 286A.585 (Lottery bonds for community sports facilities) is to combine previously enacted legislation authorizing lottery bonds into a single Act that provides uniform administrative procedures for all lottery bonds issued by the State of Oregon.

(2)

The lottery bonds issued under ORS 286A.560 (Definitions for ORS 286A) to 286A.585 (Lottery bonds for community sports facilities) shall be special obligations of the State of Oregon that are payable solely from unobligated net lottery proceeds, amounts available in the Lottery Bond Fund and in any reserve accounts established for lottery bonds under ORS 286A.560 (Definitions for ORS 286A) to 286A.585 (Lottery bonds for community sports facilities) and any appropriated funds. The faith and credit of the State of Oregon or any of its taxing power shall not be pledged or committed to the payment of lottery bonds or any other commitment of the State of Oregon authorized by ORS 286A.560 (Definitions for ORS 286A) to 286A.585 (Lottery bonds for community sports facilities). [Formerly 286.563]
Source

Last accessed
May 26, 2023

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