(1) In addition to any other authority to issue refunding bonds, a public body may issue current refunding bonds to refund its outstanding bonds pursuant to this section.
(2) A public body may secure current refunding bonds with any of the revenues and covenants that the public body could have used to secure the refunded bonds and with revenues and covenants authorized by law when the refunding bonds are issued.
(3) A public body may issue:
(a) General obligation bonds to refund outstanding general obligation bonds without obtaining approval of the electors of the public body.
(b) Revenue bonds to refund revenue bonds that were issued in accordance with ORS 287A.150 without complying with the procedures prescribed in ORS 287A.150.
(c) General obligation bonds as current refunding bonds with a maturity date not more than 30 days after the maturity date of the elector-approved general obligation bonds to be refunded or the latest maturity date permitted in the elector-approved measure authorizing the refunded bonds, whichever is later. If the total debt service on the current refunding general obligation bonds does not exceed the total debt service on the general obligation bonds to be refunded, the amounts maturing on a given date may be changed, and the current refunding general obligation bonds may mature earlier than the bonds to be refunded.
(4) A public body may not issue current refunding bonds in an amount that, together with amounts on deposit in sinking funds or other moneys pledged to payment of the principal, exceeds the amount that the public body estimates is required to:
(a) Pay the refunded bonds or pay a termination payment with respect to an agreement for exchange of interest rates related to the refunded bonds;
(b) Fund reserves for the current refunding bonds;
(c) Pay costs of issuing the current refunding bonds and obtaining credit enhancement devices; and
(d) Pay other costs related to the current refunding bonds. [2007 c.783 §54]
Section: Previous 287A.300 287A.310 287A.315 287A.325 287A.335 287A.340 287A.350 287A.360 287A.365 287A.370 287A.375 287A.380 287A.472 287A.474 287A.482 NextLast modified: August 7, 2008