Oregon Statutes 286A.800 – School capital matching bond program; rules
(1) The State Board of Education shall establish by rule a program to provide school districts with matching fund grants or loans for the capital costs of school districts financed with the net proceeds of Article XI-P bonds issued under ORS § 286A.796 to 286A.806. The state board shall establish, by rule, ratios for matching local moneys with grants, and ratios for matching local moneys with loans.
Terms Used In Oregon Statutes 286A.800
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(2) The Department of Education, subject to rules adopted by the state board:
(a) May provide matching funds only to a school district that has received voter approval for local general obligation bonds to finance capital costs.
(b) May not provide financing through grants or loans to finance operating costs of school districts. [2011 c.699 § 3]