(1) The proceeds of any bonds or notes authorized to be issued under ORS § 223.235 shall be paid by the purchaser to the treasurer of the issuing local government. Accrued interest and any premium may be credited to any account designated by the issuing local government. The balance of the proceeds shall be credited to the local improvement fund or funds for which the bonds or notes are issued.

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(2) A local government may create, within the Bancroft Bond Redemption Fund maintained by the local government as required by ORS § 223.285, separate accounts for separate issues of bonds or notes issued as provided in ORS § 223.235, and may pledge any amounts deposited in the separate accounts to specific issues of bonds or notes without pledging the amounts to any other issues of such bonds or notes. [Amended by 1957 c.103 § 9; 1975 c.642 § 5; 1983 c.349 § 6; 1991 c.902 § 16; 2003 c.802 § 10]