Oregon Statutes - Chapter 530 - State Forests; Community Forests - Section 530.150 - Redemption of bonds.

(1) When funds are available therefor, as provided in ORS 530.110, the State Board of Forestry shall cause to be published in a newspaper of general and wide circulation in the state a notice of call for redemption at par and accrued interest of sufficient revenue bonds to utilize such funds. The notice shall be published not less than twice, the second publication to be not less than 14 days after the first and not less than 30 days prior to the date of such call.

(2) The bonds shall be called in numerical order, beginning with the lowest number, and shall cease to draw interest after the date fixed for redemption. Interest and principal of the bonds shall be payable solely from the moneys available for such purposes in the State Forestry Department Account.

(3) Not less than 10 days before the date set by the board for redemption of any of the revenue bonds, or the refunding bonds issued under ORS 530.160, the board shall certify to the State Treasurer the amount necessary to pay such redemption. Upon receipt of the certificate, the treasurer shall prepare and verify a claim for the amount set out therein, attaching thereto the certificate, and present the same to the Oregon Department of Administrative Services which shall issue a warrant therefor payable out of the moneys available for such purposes in the State Forestry Department Account.

(4) All bonds and interest coupons upon payment shall be deposited by the State Treasurer with the Oregon Department of Administrative Services, to be attached to the original claim of the State Treasurer for payment. [Amended by 1957 c.83 §17; 1975 c.614 §18]

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Last modified: August 7, 2008