Oregon Statutes 284.748 – Oregon Innovation Debt Service Fund
(1) The Oregon Innovation Debt Service Fund is established in the State Treasury, separate and distinct from the General Fund. The Oregon Innovation Debt Service Fund consists of:
Terms Used In Oregon Statutes 284.748
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
(a) An amount from the moneys deposited in the Oregon Innovation Fund credited to the Oregon Innovation Debt Service Fund by the State Treasurer that is necessary in a fiscal year, as determined by the Oregon Innovation Council, in consultation with the Oregon Business Development Department and the State Treasurer, to pay the bond-related costs scheduled to be paid in that fiscal year on the revenue bonds issued under ORS § 284.746;
(b) Any funds appropriated or allocated to the Oregon Innovation Debt Service Fund; and
(c) Investment earnings received on moneys in the Oregon Innovation Debt Service Fund.
(2) Moneys in the Oregon Innovation Debt Service Fund are continuously appropriated to the Oregon Innovation Council to pay, when due, the bond-related costs on outstanding revenue bonds, to fund revenue bond reserves and to pay amounts due in connection with credit enhancements.
(3) The council, in consultation with the department and the State Treasurer, shall use amounts in the Oregon Innovation Debt Service Fund to pay, when due, the bond-related costs on outstanding revenue bonds, to fund revenue bond reserves and to pay amounts due in connection with credit enhancements.
(4) If the moneys deposited in the Oregon Innovation Fund are not sufficient to pay the bond-related costs due to be paid in a fiscal year, the council, in consultation with the department and the State Treasurer, shall make payments in that fiscal year according to the relative priority of revenue bonds secured by the moneys deposited in the Oregon Innovation Fund. [2011 c.610 § 14]