(1) At the request of the Oregon Business Development Department, the State Treasurer may issue in the name of the State of Oregon revenue bonds secured by moneys paid to the Water Fund and pledged to finance or refinance in whole or in part the cost of a water project. The revenue bonds issued under this section shall be issued in the manner prescribed by ORS Chapter 286A, and refunding bonds may be issued to refinance the revenue bonds.

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(2) The department or the State Treasurer may appoint bond counsel as prescribed under ORS § 286A.130. [Formerly 285.952; 2001 c.536 § 3; 2003 c.794 § 242; 2007 c.783 § 108; 2009 c.830 § 124]