2011 Oregon Revised Statutes
ORS Volume 9, Chapters 326 - 365
ORS Chapter 351
351.356 Financial agreements.

(1) As used in this section:

(a) Bond means a bond issued under Article XI-F(1) of the Oregon Constitution.

(b) Credit enhancement device means a letter of credit, line of credit, bond insurance policy, standby purchase agreement, surety bond or other device or facility used to enhance the creditworthiness, liquidity or marketability of a bond.

(c) Financial agreement means an agreement for exchange of interest rates, as defined in ORS 286A.001, a credit enhancement device or an agreement made in connection with a credit enhancement device, that is executed for one or more bonds.

(2) The State of Oregon, acting through the State Board of Higher Education or the State Treasurer, may:

(a) Enter into financial agreements.

(b) Identify, segregate, pledge and agree to pay amounts due under financial agreements entered into under this section from:

(A) The revenues described in section 2, Article XI-F(1) of the Oregon Constitution; or

(B) The unexpended proceeds of the bonds for which financial agreements are executed.

(c) To the extent permitted by Article XI-F(1) of the Oregon Constitution, issue bonds to secure the state s obligation to make payments under a financial agreement. If a bond is issued under this paragraph, the bond amount shall count toward the limit described in section 1, Article XI-F(1) of the Oregon Constitution, only to the extent that it increases the amount the state is obligated to pay under other bonds. [2007 c.767 2; 2009 c.538 12; 2011 c.2 11]