Before bonds are issued under ORS 367.615 (Bond issuance), the Department of Transportation must prepare a highway revenue declaration authorizing issuance of the bonds. The declaration must be signed by the Director of Transportation or a person designated by the director and must be approved by the State Treasurer or a person designated by the State Treasurer.
A declaration prepared under this section may do any of the following:
Limit the issuance of additional bonds under ORS 367.615 (Bond issuance), limit or establish terms upon which additional bonds may be issued under ORS 367.615 (Bond issuance) or limit or establish the issuance or the terms of issuance or provide for the refunding of outstanding bonds.
Provide for procedures, if any, by which the terms of contracts with bondholders may be amended or rescinded, for the percentage of the bondholders that must consent to amendment or rescinding of such contract and for the manner of bondholder consent to any amendment or rescinding of such contract.
Vest a trustee appointed under ORS 367.650 (Trust indenture to secure bonds) with property, rights, powers and duties in trust, as the State Treasurer determines appropriate. Authority granted by this paragraph includes authority to:
Include the rights, powers and duties of a trustee appointed to bondholders.
Limit the rights, powers and duties of the trustee.
Provide for other matters affecting issuance of the bonds.
A declaration under this section may establish the same requirements, be subject to the same provisions, create the same obligations and confer the same rights and is otherwise subject to the same provisions as an indenture under ORS 367.640 (Indenture), if so provided in the declaration. [1985 c.551 §5; 1987 c.158 §64]