The State Treasurer or a related agency may enter into covenants for the benefit of owners of bonds that are intended to allow the bonds to bear interest that is excludable from gross income under the federal Internal Revenue Code or that is otherwise exempt from taxation by the United States. The State Treasurer or a related agency may adopt rules or procedures that are intended to facilitate compliance with those covenants, and may take any action that is required to comply with those covenants. Covenants authorized by this section include, but are not limited to, covenants to:
(1) Pay any rebates of earnings or penalties to the United States;
(2) Invest proceeds alone or in combination with other moneys in investments that have different maturities, yields or credit qualities than the state would acquire under the investment standards specified in ORS 293.721 and 293.726 and other similar laws, but only if those investments facilitate compliance with covenants described in this section; or
(3) Restrict the expenditure of bond proceeds or restrict the operation of, or otherwise limit the use of, facilities that are financed with bonds. [2007 c.783 §23]
Section: Previous 286A.095 286A.100 286A.102 286A.110 286A.120 286A.130 286A.132 286A.145 286A.160 286A.185 286A.190 286A.195 286A.255 286A.560 286A.563 NextLast modified: August 7, 2008