ORS 286A.563
Purposes
- nature of lottery bonds
(1)
The Legislative Assembly declares that the purpose of ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) 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.560 to 286A.585 and 327.700 to 327.711) 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.560 to 286A.585 and 327.700 to 327.711) 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.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities). [Formerly 286.563]
Source:
Section 286A.563 — Purposes; nature of lottery bonds, https://www.oregonlegislature.gov/bills_laws/ors/ors286A.html
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