Oregon Statutes 286A.118 – Termination payment of pass-through revenue bond borrower
With the approval of the State Treasurer, a related agency may lend moneys derived from an issuance and sale of bonds to a pass-through revenue bond borrower of proceeds from outstanding, previously issued pass-through revenue bonds for the purpose of paying a termination payment due under an agreement for exchange of interest rates entered into by the pass-through revenue bond borrower in relation to the outstanding, previously issued pass-through revenue bonds. [2009 c.538 § 4; 2023 c.174 § 3]
Terms Used In Oregon Statutes 286A.118
- Agreement for exchange of interest rates: means a contract, or an option or forward commitment to enter into a contract, for the exchange of interest rates that provides for:
(a) Payments based on levels of 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 286A.001
- Related agency: means the state agency that requests the State Treasurer to issue bonds pursuant to ORS § 286A. See Oregon Statutes 286A.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 state agency or to which a state agency is entitled. See Oregon Statutes 286A.001
- Revenue bond: means a bond of the State of Oregon that is not a general obligation bond. See Oregon Statutes 286A.001
- 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 286A.001