Terms Used In Oregon Statutes > Chapter 287A > Administration of Bonds

• Agreement for exchange of interest rates: means a contract, or an option or forward commitment to enter into a contract, for an exchange of interest rates for related bonds that provides for:

  (a) Payments based on levels or changes in interest rates; or

  (b) Provisions to hedge payment, rate, spread or similar exposure including, but not limited to, an interest rate floor or cap or an option, put or call. See Oregon Statutes 287A.001

• Bond: means a contractual undertaking or instrument of a public body to repay borrowed moneys. See Oregon Statutes 287A.001
• Capital improvements: has the meaning given that term in ORS § 310. See Oregon Statutes 287A.001
• Credit enhancement device: means a letter of credit, line of credit, standby bond purchase agreement, bond insurance policy, reserve surety bond or other device or facility used to enhance the creditworthiness, liquidity or marketability of bonds or agreements for exchange of interest rates. See Oregon Statutes 287A.001
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lawfully available funds: means revenues or other moneys of a public body including, but not limited to, moneys credited to the general fund of the public body, revenues from an ad valorem tax and revenues derived from other taxes levied by the public body that are not dedicated, restricted or obligated by law or contract to an inconsistent expenditure or use. See Oregon Statutes 287A.001
• Lien: A claim against real or personal property in satisfaction of a debt.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Operative document: means a bond declaration, trust agreement, indenture, security agreement or other document in which a public body pledges revenue or property as security for a bond. See Oregon Statutes 287A.001
• Personal property: All property that is not real property.
• public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
• Related bond: means a bond for which the public body enters into an agreement for exchange of interest rates or obtains a credit enhancement device. See Oregon Statutes 287A.001
• Revenue: means all fees, tolls, excise taxes, assessments, property taxes and other taxes, rates, charges, rentals and other income or receipts derived by a public body or to which a public body is entitled. See Oregon Statutes 287A.001
• Statute: A law passed by a legislature.
• Termination payment: means the amount payable under an agreement for exchange of interest rates by one party to another party as a result of the termination, in whole or part, of the agreement prior to the expiration of the stated term. See Oregon Statutes 287A.001
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100