Oregon Statutes 470.230 – Bond proceeds credited to Small Scale Local Energy Project Loan Fund; use of funds
Except as provided in ORS § 470.270, all moneys obtained from the sale of general obligation bonds under ORS § 470.220 to 470.290 and Article XI-J of the Oregon Constitution shall be credited by the State Treasurer to the Small Scale Local Energy Project Loan Fund. Those moneys shall be used only for the purposes stated in Article XI-J of the Oregon Constitution, including payment of the costs of issuing the bonds and of obtaining credit enhancement for the bonds, and making payments of interest on bonds issued pursuant to the provisions of ORS § 470.220 to 470.290 if there are insufficient funds in the Small Scale Local Energy Project Administration and Bond Sinking Fund to make the payments referred to in ORS § 470.300 (1). Moneys loaned to municipal corporations but withheld by the State Department of Energy for security or to pay for future project costs may remain in the loan fund. Pending the use of the moneys in the loan fund for the proper purposes, the moneys may be invested in the manner provided by law. [1979 c.672 § 18; 1987 c.365 § 5; 2003 c.186 § 69; 2005 c.201 § 9; 2009 c.753 § 68]
Terms Used In Oregon Statutes 470.230
- Loan: includes the purchase or other acquisition of evidence of indebtedness and money used for the purchase or other acquisition of evidence of indebtedness. See Oregon Statutes 470.050
- 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.
- Small scale local energy project: means any of the following:
(a) A system, mechanism or series of mechanisms located primarily in Oregon that directly or indirectly uses or enables the use of, by the applicant or another person, renewable resources including, but not limited to, solar, wind, geothermal, biomass, waste heat or water resources to produce energy, including heat, electricity and substitute fuels, to meet a local community or regional energy need in this state. See Oregon Statutes 470.050
- Small Scale Local Energy Project Administration and Bond Sinking Fund: means the fund created under ORS § 470. See Oregon Statutes 470.050