Oregon Statutes - Chapter 351 - Higher Education Generally - Section 351.356 - Financial agreements.

(1) As used in this section:

(a) “Bond” means a bond issued under Article XI-F(1) of the Oregon Constitution.

(b) “Credit enhancement device” means a letter of credit, line of credit, bond insurance policy, standby purchase agreement, surety bond or other device or facility used to enhance the creditworthiness, liquidity or marketability of a bond.

(c) “Financial agreement” means an agreement for exchange of interest rates, as defined in ORS 287.025, a credit enhancement device or an agreement made in connection with a credit enhancement device, that is executed for one or more bonds.

(2) The State of Oregon, acting through the State Board of Higher Education or the State Treasurer, may:

(a) Enter into financial agreements.

(b) Identify, segregate, pledge and agree to pay amounts due under financial agreements entered into under this section from:

(A) The revenues, gifts, grants or building fees that are described in section 2, Article XI-F(1) of the Oregon Constitution; or

(B) The unexpended proceeds of the bonds for which financial agreements are executed.

(c) To the extent permitted by Article XI-F(1) of the Oregon Constitution, issue bonds to secure the state’s obligation to make payments under a financial agreement. If a bond is issued under this paragraph, the bond amount shall count toward the limit described in section 1, Article XI-F(1) of the Oregon Constitution, only to the extent that it increases the amount the state is obligated to pay under other bonds. [2007 c.767 §2]

Note: 351.356 was added to and made a part of ORS chapter 351 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

Note: 287.025 was repealed by section 234, chapter 783, Oregon Laws 2007. The text of 351.356 was not amended by enactment of the Legislative Assembly to reflect the repeal. Editorial adjustment of 351.356 for the repeal of 287.025 has not been made.

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Last modified: August 7, 2008