(1) There hereby is created a sinking fund account to provide for the payment of the principal and interest of all bonds issued pursuant to the provisions of ORS 530.210 to 530.280. The fund shall consist of the following:
(a) All moneys derived from taxes levied under ORS 291.445;
(b) All moneys derived from the sale, exchange or use of land acquired pursuant to ORS 530.240; and
(c) Except as provided in ORS 530.115, all moneys received from the disposal of forest products created through expenditures of moneys available under the Oregon Forest Rehabilitation Act for reforestation.
(2) The moneys referred to in subsection (1) of this section shall be set aside for sinking fund purposes until the issues of bonds which provided funds for such reforestation have been retired. The State Forester shall designate and keep records of the area of land on which the funds from particular issues of bonds have been expended for such reforestation.
(3) Disbursement from the sinking fund shall be made, for the purposes stated, upon the submission of duly verified claims, approved by the State Board of Forestry, to the Secretary of State, who shall audit the same in the manner that other claims against the state are audited. The Oregon Department of Administrative Services thereupon shall draw a warrant on the State Treasurer against the fund. The money in the sinking fund may be invested as provided in ORS 293.701 to 293.820. [Amended by 1955 c.115 §2; 1957 c.83 §21; 1967 c.335 §52; 1969 c.428 §4; 1991 c.220 §14; 1999 c.59 §168]Section: Previous 530.220 530.230 530.240 530.250 530.255 530.260 530.270 530.280 530.290 530.300 530.410 530.420 530.430 530.440 530.450 Next
Last modified: August 7, 2008