With the approval of the State Treasurer, the Director of the Oregon Department of Administrative Services may enter into financing agreements in accordance with ORS 283.085 to 283.092, and may exercise the powers granted to a related agency, as defined in ORS 286A.001, by ORS chapter 286A for bonds in connection with those financing agreements upon such terms as the director and the treasurer find to be advantageous to the state. Financing agreements shall be subject to the following limitations:
(1) Amounts payable by the state under a financing agreement shall be limited to available funds. In no circumstance shall the state be obligated to pay amounts due under a financing agreement from any source other than available funds. If there are insufficient available funds to pay amounts due under a financing agreement, the lender may exercise any property rights which the state has granted to it in the financing agreement, against the property which was purchased with the proceeds of the financing agreement, and apply the amounts so received toward payments scheduled to be made by the state under the financing agreement.
(2) No property rights may be granted in property unless the property is being acquired, substantially improved or refinanced with the proceeds of a financing agreement, or is land on which such property is located.
(3) The principal amount of financing agreements entered into by the state pursuant to ORS 283.085 to 283.092 shall be treated as an amount of bonds and is subject to ORS 286A.035.
(4) The limitations of subsection (3) of this section shall not apply to financing agreements which are used to refinance previously executed financing agreements. The expenditure of funds used to finance previously executed financing agreements and pay the costs incurred to issue the new financing agreements shall be recorded using administrative budget limitations.
(5) The state or any state agency shall not enter into financing agreements under any provision of law other than ORS 283.085 to 283.092 if the principal amount of the financing agreement, together with the principal amount of any financing agreement previously issued by the state or a state agency for the same project, exceeds $100,000.
(6) Upon the request and with the approval of the Chief Justice of the Supreme Court or the State Court Administrator, the Director of the Oregon Department of Administrative Services may enter into financing agreements in accordance with ORS 283.085 to 283.092, on behalf of the Judicial Department. [1989 c.1032 §2; 1991 c.642 §4; 1991 c.790 §20; 1993 c.500 §40; 1993 c.635 §3; 2003 c.746 §10; 2007 c.783 §95]
Note: See note under 283.085.
Section: Previous 283.050 283.060 283.070 283.075 283.076 283.080 283.085 283.087 283.089 283.091 283.092 283.100 283.110 283.120 283.130 NextLast modified: August 7, 2008