Oregon Statutes 367.040 – Loans to state agencies; loan contract
(1) Notwithstanding ORS § 283.087 (4), an agency may obtain an infrastructure loan the principal amount of which, when combined with the principal amount of financing agreements previously entered into for the same project, is more than $100,000 for the project. An agency may agree to pay the infrastructure loan from any or all of the available moneys of the agency and may pledge all or any portion of those moneys to repay the infrastructure loan. An infrastructure loan of an agency does not constitute a debt of the state or a lending of the credit of the state within the meaning of any constitutional or statutory limitation.
Terms Used In Oregon Statutes 367.040
- Agency: means any department, agency or commission of the State of Oregon. See Oregon Statutes 367.010
- Contract: A legal written agreement that becomes binding when signed.
- Infrastructure loan: means a loan of moneys in the infrastructure fund to finance a transportation project. See Oregon Statutes 367.010
(2) If an infrastructure loan is made to an agency, the terms of the infrastructure loan contract bind the State of Oregon and the agency, and the agency shall unconditionally repay the infrastructure loan from the moneys the agency has pledged in accordance with the terms of the infrastructure loan contract. [1997 c.679 § 8; 2003 c.201 § 15; 2013 c.767 § 6]