(1) Before bonds are issued under ORS 367.615, the Department of Transportation must prepare a highway revenue declaration authorizing issuance of the bonds. The declaration must be signed by the Director of Transportation or a person designated by the director and must be approved by the State Treasurer or a person designated by the State Treasurer.
(2) A declaration prepared under this section may do any of the following:
(a) Pledge any part or all of moneys described under ORS 367.605 for purposes of the bonds to be issued.
(b) Limit the purpose for which the proceeds of the sale may be applied by the department.
(c) Make pledges concerning the proceeds of the sale or moneys described under ORS 367.605 as necessary to secure payment of bonds of the department.
(d) Limit the issuance of additional bonds under ORS 367.615, limit or establish terms upon which additional bonds may be issued under ORS 367.615 or limit or establish the issuance or the terms of issuance or provide for the refunding of outstanding bonds.
(e) Provide for procedures, if any, by which the terms of contracts with bondholders may be amended or rescinded, for the percentage of the bondholders that must consent to amendment or rescinding of such contract and for the manner of bondholder consent to any amendment or rescinding of such contract.
(f) Establish a trustee as described under ORS 367.650.
(g) Vest a trustee appointed under ORS 367.650 with property, rights, powers and duties in trust, as the State Treasurer determines appropriate. Authority granted by this paragraph includes authority to:
(A) Include the rights, powers and duties of a trustee appointed to bondholders.
(B) Limit the rights, powers and duties of the trustee.
(h) Provide for other matters affecting issuance of the bonds.
(3) A declaration under this section may establish the same requirements, be subject to the same provisions, create the same obligations and confer the same rights and is otherwise subject to the same provisions as an indenture under ORS 367.640, if so provided in the declaration. [1985 c.551 §5; 1987 c.158 §64]Section: Previous 367.610 367.615 367.620 367.621 367.622 367.623 367.625 367.630 367.635 367.640 367.645 367.650 367.655 367.660 367.665 Next
Last modified: August 7, 2008