ORS 287A.375
Maximum amount of advance refunding bonds


(1)

As used in this section, “government obligations” means:

(a)

Direct obligations of the United States of America or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America and bank certificates of deposit secured by the obligations;

(b)

Bonds, debentures, notes, certificates of participation or other obligations issued by a federal agency or other instrumentality of the federal government; or

(c)

Other debt obligations determined by administrative rule of the State Treasurer to be highly secured and widely accepted in the marketplace as obligations for a defeasance escrow.

(2)

A public body may not issue advance refunding bonds in a principal amount in excess of the minimum principal amount that is estimated at the time of sale to be necessary:

(a)

To purchase a principal amount of government obligations that is, together with the interest earnings thereon, sufficient to pay the installments of principal, interest and redemption premiums, if any, on the bonds being refunded when due in accordance with the advance refunding plan; and

(b)

To pay all costs in connection with issuing the advance refunding bonds and obtaining credit enhancement devices.

(3)

If the public body that issues advance refunding bonds receives an amount of proceeds that exceeds the actual amount required under subsection (2) of this section, the public body must use the excess amount of proceeds to pay interest on the advance refunding bonds.

(4)

Before applying advance refunding bond proceeds to the purposes for which the refunding bonds have been issued, a public body may invest advance refunding bond proceeds, together with other moneys set aside for the payment of the bonds to be refunded, only in government obligations.

(5)

The public body shall make investments pursuant to subsection (4) of this section at times and in a manner required to provide funds sufficient to pay principal, interest and redemption premiums, if any, in accordance with the advance refunding plan. [2007 c.783 §57]

Source: Section 287A.375 — Maximum amount of advance refunding bonds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html.

287A.001
Definitions for ORS chapter 287A
287A.010
Powers conveyed to public bodies
287A.050
Authority of city to issue general obligation bonds
287A.100
Authority of county to issue general obligation bonds
287A.105
Limitation on bonded indebtedness of county
287A.140
Ad valorem tax levy to pay general obligation bonds
287A.145
Misspent proceeds of general obligation bonds
287A.150
Authority of public body to issue revenue bonds
287A.180
Short-term borrowing by public body
287A.195
Compliance with constitutional or statutory debt limits
287A.300
Terms and conditions of bond sales
287A.310
Definitions for ORS 287A.310 and 287A.315
287A.315
Pledge of full faith and credit and taxing power
287A.325
Covenants of public bodies regarding pledges
287A.335
Agreements for exchange of interest rates
287A.339
Termination payment of conduit borrower
287A.340
Credit enhancement devices
287A.343
Public body purchase of own bonds
287A.345
State taxation of bond interest
287A.350
Public records
287A.360
Current refunding bonds
287A.365
Advance refunding bonds and forward current refunding
287A.370
Proposed refunding plan for advance refunding bonds or forward current refunding
287A.375
Maximum amount of advance refunding bonds
287A.380
Tax levy to pay maturing general obligation advance refunding bonds
287A.472
Interest on municipal warrants not paid on presentation
287A.474
Warrants and checks more than two years old
287A.482
Definitions for ORS 287A.482 to 287A.488
287A.484
Master warrant procedure authorized if warrants would be not paid
287A.486
Procedure
287A.488
Taxes must be levied for payment of claims included in master warrant
287A.630
Oregon Municipal Debt Advisory Commission
287A.632
Meetings
287A.634
Powers and duties of commission
287A.640
Notice to commission of proposed issues
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