State Forests

ORS 530.626
Earnings in excess of amounts required for authority


The earnings of a community forest authority created under ORS 530.606 (Creation of authority) in excess of the amount required for the retirement of indebtedness or the accomplishment of the purposes of ORS 530.600 (Definitions for ORS 530.600 to 530.628) to 530.628 (Application of laws to authority and to issuance of bonds) shall not inure to the benefit of a person or body other than the municipality creating the authority. An authority may transfer, from time to time, to the municipality creating the authority any excess moneys not needed to pay the authority’s expenses or to pay the authority’s bonds or other obligations, and the municipality may use such transferred funds for any lawful purpose of the municipality. Upon dissolution of an authority, any asset remaining after provision for payment of the obligations and expenses of the authority becomes an asset of the municipality. [2005 c.500 §14]
Note: See note under 530.600 (Definitions for ORS 530.600 to 530.628).
Chapter 530

Law Review Citations

42 EL 1275 (2012)


Source

Last accessed
Jun. 26, 2021