ORS 777.800
Annual report
(a)
In an amount of up to $5 million for payment of the expenses of the Coos Bay Channel Project; and(b)
In an additional amount to be estimated by the State Treasurer for payment of bond-related costs of the Oregon Department of Administrative Services, the Oregon Business Development Department and the State Treasurer.(2)
The director shall request that the State Treasurer issue the amount of bonds described in subsection (1)(a) of this section, at the request of the primary sponsor, to transfer in the biennium beginning July 1, 2007, up to $5 million in net proceeds of lottery bonds to the Coos Bay Channel Fund established in section 15, chapter 746, Oregon Laws 2007, for distribution to the primary sponsor after the director finds that the primary sponsor has taken action pursuant to the grant agreement required in section 14, chapter 746, Oregon Laws 2007, that triggers the distribution of bond proceeds described in this subsection. [2007 c.746 §13; 2009 c.900 §1; 2013 c.754 §1; 2015 c.815 §3; 2019 c.671 §42; 2021 c.682 §54](2)
The one or more grant agreements must establish appropriate triggers for the distribution of bond proceeds described in section 13 (2), chapter 746, Oregon Laws 2007, based on appropriate measures of progress in completion of the project that are satisfactory to the director and consistent with prudent financial practices that reflect sound stewardship of public resources.(3)
The State of Oregon and its agencies and departments are not liable to the lenders, vendors or contractors of the Oregon sponsors for any action or omission under sections 11 to 15, chapter 746, Oregon Laws 2007.(4)
By receipt of any part of net proceeds of lottery bonds described in section 13, chapter 746, Oregon Laws 2007, the primary sponsor agrees to indemnify the state and its agencies and departments to the fullest extent permitted by law for liability the state or its agencies and departments might incur in connection with any borrowing by the primary sponsor for the project.(5)
The director and the primary sponsor shall modify the existing grant agreement as may be necessary to incorporate the amendments to this section and section 13, chapter 746, Oregon Laws 2007, by sections 1 and 2, chapter 754, Oregon Laws 2013. [2007 c.746 §14; 2009 c.900 §2; 2013 c.754 §2; 2015 c.815 §4; 2016 c.66 §14; 2019 c.671 §43; 2021 c.682 §55]
Source:
Section 777.800 — Annual report, https://www.oregonlegislature.gov/bills_laws/ors/ors777.html.
Up to date