(1) Notwithstanding any other law relating to revenue bonds issued and sold under ORS § 285B.467 to 285B.479 or ORS § 285B.572, 285B.575 and 285B.578, revenue bonds may be issued and sold as parity bonds.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(2) Proceeds of revenue bonds issued and sold under ORS § 285B.467 to 285B.479 or ORS § 285B.572, 285B.575 and 285B.578, together with the investment earnings thereon, may be consolidated into one or more funds or accounts and may be pledged to the holders of revenue bonds issued to finance water projects, as defined in ORS § 285B.560, or development projects.

(3) Any loan to a municipality made pursuant to ORS § 285B.467 to 285B.479, 285B.560 to 285B.569 or 285B.572 to 285B.599, including loans funded in whole or in part with the proceeds of revenue bonds and loans funded with moneys in the Water Fund or the Special Public Works Fund, may be pledged to the holders of revenue bonds issued to finance water projects or development projects.

(4) Funds or accounts established by the Oregon Business Development Department or the State Treasurer in connection with the issuance of revenue bonds under ORS § 285B.467 to 285B.479 or ORS § 285B.572, 285B.575 and 285B.578 and moneys held in the funds and accounts, together with the investment earnings thereon, may be consolidated into one or more funds or accounts and may be pledged to the holders of revenue bonds issued to finance water projects or development projects. [1997 c.800 § 14; 2003 c.773 § 49; 2005 c.835 § 19; 2007 c.804 § 35; 2009 c.830 § 109]

(Temporary provisions relating to Tide Gate Grant and Loan Fund)

Sections 21 to 23, chapter 10, Oregon Laws 2020 (second special session), provide:

(1) The Tide Gate Grant and Loan Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Tide Gate Grant and Loan Fund must be credited to the fund.

(2) The fund consists of:

(a) Moneys allocated to the Oregon Business Development Department under section 3 (4), chapter 670, Oregon Laws 2019;

(b) Moneys appropriated, allocated, deposited or transferred to the fund by the Legislative Assembly or otherwise;

(c) Repayments, including interest, of disbursements from the fund;

(d) Moneys received for deposit in the fund from the federal government, state agencies or local governments; and

(e) Interest earned on moneys in the fund.

(3) The moneys in the fund are continuously appropriated to the department for the purposes specified in section 22 of this 2020 second special session Act. [2020 s.s.2 c.10 § 21]

(1) The Oregon Business Development Department may directly or indirectly grant, expend or lend moneys from the Tide Gate Grant and Loan Fund established under section 21 of this 2020 second special session Act to:

(a) Provide grants or loans to plan or construct tide gates, culverts and associated drainage infrastructure;

(b) Obtain professional services for tide gate coordination or for technical studies that have a statewide benefit for tide gate project development; or

(c) Pay administrative expenses of the department incurred in carrying out the provisions of this section, including costs of investigating and processing an application, developing contracts, monitoring use of grants or loans by a recipient, investigating and resolving budget discrepancies, closing a project and providing financial and other assistance associated with expenditures from the fund.

(2) The department shall adopt rules necessary to carry out the provisions of this section. [2020 s.s.2 c.10 § 22]

The Tide Gate Grant and Loan Fund established under section 21, chapter 10, Oregon Laws 2020 (second special session), is abolished on June 30, 2024. Any moneys remaining in the fund on that date shall be transferred to the Administrative Services Economic Development Fund established under ORS § 461.540. [2020 s.s.2 c.10 § 22a; 2023 c.602 § 36]

Sections 21 and 22, chapter 10, Oregon Laws 2020 (second special session), are repealed on June 30, 2024. [2020 s.s.2 c.10 § 23; 2023 c.602 § 37]

[2001 c.957 § 10; renumbered 285C.530 in 2003]

[2001 c.957 § 11; renumbered 285C.533 in 2003]

INFRASTRUCTURE PROJECTS FOR SOUTHERN OREGON