(1) There hereby is created the Water Development Administration and Bond Sinking Fund, separate and distinct from the General Fund, to provide for payment of:
(a) Administrative expenses of the Water Resources Commission and the Water Resources Department in processing applications, investigating proposed water development projects and federal water development projects under ORS 541.700 to 541.855 and servicing and collecting outstanding loans made under ORS 541.700 to 541.855, if the expense is not paid directly by the applicant, including principal and interest due on bonds outstanding. These administrative expenses also may include all costs associated with the issuance of bonds and the funding of any credit enhancements or reserves determined to be necessary or advantageous in connection with the bonds.
(b) Administrative expenses of the State Treasurer in carrying out the duties, functions and powers imposed upon the State Treasurer by ORS 541.700 to 541.855.
(c) Principal and interest of all bonds issued pursuant to the provisions of ORS 541.780 to 541.815.
(2) The fund created by subsection (1) of this section shall consist of:
(a) Application fees required by ORS 541.710.
(b) Repayments of moneys loaned to water developers from the Water Development Fund, including interest on such moneys.
(c) Repayments of moneys loaned for the acquisition of easements and rights of way for federal water development projects, including interest on such moneys.
(d) Such moneys as may be appropriated to the fund by the Legislative Assembly, including appropriations dedicated to the partial payment for or repayment of projects affording public benefits.
(e) Moneys obtained from the sale of refunding bonds and any accrued interest on such bonds.
(f) Moneys received from ad valorem taxes levied pursuant to Article XI-I(1), Oregon Constitution, and all moneys that the Legislative Assembly may provide in lieu of such taxes.
(g) Interest earned on cash balances invested by the State Treasurer.
(h) Any revenues received by the commission under the provisions of ORS 541.745.
(i) Moneys transferred from the Water Development Fund.
(3) The moneys referred to in subsection (2) of this section are continuously appropriated to the commission for the purposes provided in subsection (1) of this section.
(4) The commission, with the approval of the Governor, may identify those projects financed under the provisions of ORS 541.700 to 541.855 which offer significant public benefit, and recommend to the Legislative Assembly funding of those projects in proportion to the public benefits offered.
(5) The commission, with the approval of the State Treasurer, may transfer moneys from the fund created under subsection (1) of this section to the Water Development Fund if:
(a) A cash flow projection shows that the transfer will not have any negative impact on the commissionís ability to pay bond principal, interest and administration costs;
(b) The transfer will not create the need for issuance of any bonds; and
(c) The transfer, together with loans outstanding from prior transfers and not refinanced by funds derived directly from a bond sale, shall not exceed $1.
(6) The transfer amount authorized by subsection (5) of this section may be increased by the Emergency Board. [1977 c.246 §28; 1981 c.172 §1; 1985 c.673 §123; 1989 c.587 §3; 1989 c.950 §5; 1991 c.944 §9]Section: Previous 541.785 541.790 541.795 541.800 541.805 541.810 541.815 541.830 541.835 541.840 541.845 541.850 541.855 541.875 541.880 Next
Last modified: August 7, 2008