2011 Oregon Revised Statutes
ORS Volume 11, Chapters 431 - 470
ORS Chapter 456
456.645 Revenue bonds.
(1) The State Treasurer, at the request of the Housing and Community Services Department, from time to time, may issue and sell bonds in the name of and on behalf of the State of Oregon in compliance with the applicable provisions of ORS chapter 286A in the principal amount the department considers necessary to carry out the purposes of ORS 456.548 to 456.725, or for paying or refunding any bonds previously issued by the department for such purposes.
(2) All bonds shall be special revenue obligations of the State of Oregon, and, unless paid from the proceeds of other bonds, shall be payable as to principal, redemption premium, if any, and interest, solely from the revenues, assets or funds in the Housing Finance Fund as may be pledged therefor, subject to existing agreements with the holders of any bonds, in accordance with any housing finance bond declaration. Bonds may be paid from any source available under ORS 456.515 to 456.725, including but not limited to:
(a) From the income and revenues of the housing project or projects financed with the proceeds from the sale of such bonds or with such proceeds together with other moneys available to the department under ORS 456.548 to 456.725 or other moneys or grants from the federal government in aid of such projects.
(b) From the income and revenues of certain designated housing projects, whether or not financed with the proceeds from the sale of such bonds, if such housing projects were financed with moneys available to the department under ORS 456.515 to 456.725.
(c) From funds held in a capital or other reserve account.
(d) From such other funds as deemed adequate in fulfilling the purposes of ORS 456.515 to 456.725.
(e) From the revenues of the department under ORS 456.515 to 456.725, generally.
(3) The department shall maintain accounting records and shall prepare annual financial statements for distribution to existing and potential bond purchasers. [1973 c.828 11; 1975 c.154 2; 1979 c.327 9; 1981 c.660 39; 1983 c.519 3; 1995 c.79 256; 2007 c.783 200]
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