2015 Oregon Revised Statutes
Volume : 11 - Public Health, Housing, Environment
Chapter 470 - Small Scale Local Energy Projects
Section 470.615 - Payment of bonds.
(1) Revenue bonds issued under ORS 470.610 do not constitute a debt, liability or general obligation of this state or any political subdivision of this state or a pledge of the faith and credit of this state or any political subdivision of this state, but shall be payable solely from the revenues, moneys and other assets of the Energy Project Bond Loan Fund and the Energy Project Supplemental Fund that are pledged to the repayment in the energy revenue bond declaration.
(2) Each revenue bond issued under ORS 470.610 shall contain on the face of the bond a statement that the department is not obligated to pay the bond or the interest on the bond except from the revenues or assets pledged for those payments and that neither the faith and credit nor the taxing power of this state or any political subdivision of this state is pledged to the payment of the principal of or the interest on the bond.
(3) A utility or sustainable energy project manager is not liable for the payment of the principal of or the interest on any bond issued under this section.
[2009 c.753 §23]
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