Oregon Statutes - Chapter 391 - Mass Transportation - Section 391.605 - Limitations on transfer to metropolitan service district.

(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]

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Last modified: August 7, 2008