Oregon Statutes - Chapter 530 - State Forests; Community Forests - Section 530.626 - Earnings in excess of amounts required for authority.

The earnings of a community forest authority created under ORS 530.606 in excess of the amount required for the retirement of indebtedness or the accomplishment of the purposes of ORS 530.600 to 530.628 shall not inure to the benefit of a person or body other than the municipality creating the authority. An authority may transfer, from time to time, to the municipality creating the authority any excess moneys not needed to pay the authority’s expenses or to pay the authority’s bonds or other obligations, and the municipality may use such transferred funds for any lawful purpose of the municipality. Upon dissolution of an authority, any asset remaining after provision for payment of the obligations and expenses of the authority becomes an asset of the municipality. [2005 c.500 §14]

Note: See note under 530.600.

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Last modified: August 7, 2008