(1) No transfer authorized by ORS 267.020 of a mass transit district system to a metropolitan service district shall take effect while bonds issued by the Oregon Mass Transportation Financing Authority to finance mass transit facilities for the district are outstanding until a plan designed to repay any outstanding bonds when due is prepared by the governing body of the metropolitan service district and approved by:
(a) The chairperson of the Oregon Transportation Commission or the chairpersonís designee;
(b) The State Treasurer or State Treasurerís designee; and
(c) The chairperson of the Oregon Investment Council or the chairpersonís designee.
(2) Persons given authority to approve a transfer under subsection (1) of this section may only refuse to approve a transfer for reasons relating to the financial effect of the transfer. [1983 c.306 §3]Section: Previous 391.540 391.550 391.560 391.570 391.580 391.590 391.600 391.605 391.610 391.620 391.630 391.640 391.650 391.660 391.800 Next
Last modified: August 7, 2008