ORS 470.270
General obligation refunding bonds


(1)

After consultation with the State Treasurer, the Director of the State Department of Energy may issue general obligation refunding bonds for the purpose of refunding outstanding bonds issued under ORS 470.220 (Issuance of bonds) to 470.290 (Bond indebtedness limited to constitutional limit) and Article XI-J of the Oregon Constitution. The refunding bonds may be sold in the same manner as other bonds are sold under ORS 470.220 (Issuance of bonds) to 470.290 (Bond indebtedness limited to constitutional limit). All moneys obtained from the sale of refunding bonds shall be credited by the State Treasurer to the Small Scale Local Energy Project Administration and Bond Sinking Fund. The refunding bonds may be issued to refund bonds previously issued for refunding purposes. Pending the use of moneys obtained from the sale of refunding bonds for proper purposes, such moneys may be invested in the manner provided by law.

(2)

Notwithstanding any provision of ORS 470.150 (Loan contract), if the State Department of Energy issues taxable refunding bonds at a lower interest rate to refund outstanding general obligation bonds, and is unable to allow loan recipients to receive a portion of the interest savings, the director shall allow the loan recipient to prepay the outstanding loan balance upon the request of the recipient. The director shall respond to such a request within 30 days after receiving the request by specifying the outstanding principal balance after applying reserves held by the state for the borrower and the prepayment premium as listed in the bond document, loan document or bond purchase agreement.

(3)

The department shall pursue opportunities for refunding bonds to reduce interest sums payable by the department. When the department refunds a bond with tax-exempt bonds, the department shall share, on an equitable basis, the savings from any refunding with the borrowers whose loans were made with the proceeds of the refunded bonds in an amount consistent with a finding by the director that the sinking fund has, and will continue to have, sufficient funds to make payments required under ORS 470.300 (Small Scale Local Energy Project Administration and Bond Sinking Fund) (1). The department may not refund tax-exempt bonds with taxable bonds, unless the department is able to share the savings associated with such a refunding with the borrowers whose loans are linked to such bonds. At least 120 days before the date on which the department intends to issue refunding bonds, the director shall notify each borrower whose loan was made from the proceeds of the bonds being refunded and shall offer the borrower the opportunity to prepay the borrower’s loan. A borrower shall respond within 60 days of the date of the notice described in this subsection if the borrower intends to prepay the borrower’s loan. [1979 c.672 §22; 1995 c.282 §1; 1997 c.482 §2; 2003 c.186 §72; 2005 c.201 §11; 2009 c.753 §70]

Source: Section 470.270 — General obligation refunding bonds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors470.­html.

470.050
Definitions
470.060
Application for financing
470.065
Confidentiality of information provided by or on behalf of applicant
470.070
Small Scale Local Energy Project Advisory Committee
470.080
Standards for small scale local energy projects
470.090
Approval or rejection of project financing by director
470.100
Committee review of rejection or approval in different amount
470.110
Gifts credited to Small Scale Local Energy Project Loan Fund
470.120
Limit on loan to amount not funded by other sources
470.130
Appropriation of Small Scale Local Energy Project Loan Fund
470.135
Administration of small scale local energy project loan program funds and accounts
470.140
Rulemaking authority
470.145
State Department of Energy to develop marketing plan
470.150
Loan contract
470.155
Loan contract in form of intergovernmental agreement
470.160
Payment from loan funds
470.170
Security for loan
470.180
Withholding of state funds due to municipal corporation that defaults on loan
470.190
Remedies
470.200
Refinancing of project
470.210
Municipal corporation may enter into loan contract
470.220
Issuance of bonds
470.225
Procedure for bond issuance
470.230
Bond proceeds credited to Small Scale Local Energy Project Loan Fund
470.240
General obligation bonds to include promise to pay principal amount
470.270
General obligation refunding bonds
470.280
General obligation bond repayment from sinking fund
470.290
Bond indebtedness limited to constitutional limit
470.300
Small Scale Local Energy Project Administration and Bond Sinking Fund
470.310
Procedure if sinking fund inadequate
470.500
Goals
470.505
Delay or suspension of program
470.510
State Department of Energy may enter contracts for loan issuance
470.515
Rules
470.520
State Department of Energy may contract for performance of duties
470.525
Quarterly report
470.530
Qualifications
470.535
Applications for certification as project manager
470.540
State Department of Energy to notify unsuccessful applicants
470.545
Appeal of certification decision
470.550
Term of certification of project manager
470.555
Project managers
470.560
Rules
470.565
Loan applicant request for energy savings projection
470.570
Energy Project Supplemental Fund
470.575
Jobs, Energy and Schools Fund
470.580
Energy Project Bond Loan Fund
470.585
Energy Revenue Bond Repayment Fund
470.590
Proposals
470.595
Investment with financial manager
470.600
State Department of Energy may enter agreements to disburse supplemental capital funds
470.605
Local governments may direct moneys to certain funds to finance loans
470.610
Issuance of bonds
470.615
Payment of bonds
470.620
Bond pledges
470.630
Form of disbursement
470.635
Requirement for energy savings projection
470.640
Amount of loans
470.645
Application for loan
470.650
Residential small scale local energy projects
470.655
Project initiation fee
470.660
Investor-owned utilities
470.665
Consumer-owned utilities
470.670
Repayment requirement for customer served by electric utility and gas utility
470.675
Cost eligibility for ratemaking purposes
470.680
State Department of Energy to identify forms of acceptable security
470.685
Recording liens
470.690
Avoidance of foreclosure
470.695
Sale of real property
470.700
Use of loan offset grant moneys
470.710
Apprenticeship and job training
470.715
Costs of adopting rules
470.720
Loan program information to be provided by utilities
470.800
Clean Energy Deployment Fund
470.805
Renewable Energy Development Subaccount
470.810
Clean energy deployment program
470.815
School district projects
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