(1) The Article XI-N Bond Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the bond fund may be invested as provided in ORS 293.701 to 293.820, and interest earned on the bond fund must be credited to the bond fund. Amounts credited to the bond fund are continuously appropriated to the Oregon Department of Administrative Services for the purpose of paying, when due, the principal of, the interest on and the premium, if any, on outstanding Article XI-N bonds. The department shall deposit in the bond fund:
(a) Capitalized or accrued interest on Article XI-N bonds;
(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the bond fund; and
(c) Reserves established for the payment of Article XI-N bonds.
(2) The department may create separate accounts in the bond fund for reserves and debt service for each series of Article XI-N bonds. [Formerly 286.784]Section: Previous 286A.740 286A.745 286A.750 286A.760 286A.762 286A.764 286A.766 286A.768 286A.772 286A.780 286A.782 286A.784 286A.786 286A.788 286A.792 Next
Last modified: August 7, 2008