(1) The Economic and Community Development Department shall by rule adopt standards to determine eligibility for revenue bond financing under ORS 285B.467 to 285B.479 of development projects that have qualified under ORS 285B.419 to 285B.437 and 285B.449.
(2) Upon determining that a development project is eligible for revenue bond financing under ORS 285B.467 to 285B.479, the department shall forward a request for the issuance of revenue bonds to the State Treasurer, who shall determine whether to issue revenue bonds.
(3) When a project is determined to be eligible for revenue bond financing under ORS 285B.467 to 285B.479, allowable costs as described in ORS 285B.465 may be paid from bond proceeds.
(4) Administrative expenses of the department in processing applications and investigating proposed projects and bond sales may not be derived from bond proceeds.
(5) The department may pledge all or any portion of the existing or future assets and receipts of the Special Public Works Fund to pay debt service on bonds issued pursuant to ORS 285B.410 to 285B.482. The pledge shall take effect immediately, without delivery of the pledged funds to third parties, and the lien of the pledge shall be superior to all other liens of any nature.
(6) The department is authorized to establish separate accounts within the fund for separate bond issues. [Formerly 285.740; 2001 c.883 §34; 2003 c.773 §45; 2005 c.835 §15]
Section: Previous 285B.455 285B.458 285B.460 285B.461 285B.462 285B.464 285B.465 285B.467 285B.470 285B.473 285B.476 285B.479 285B.482 285B.486 285B.488 NextLast modified: August 7, 2008