2015 Oregon Revised Statutes
Volume : 12 - Drugs and Alcohol, Fire Protection, Natural Resources
Chapter 478 - Rural Fire Protection Districts
Section 478.855 - Loan fund created from bond proceeds; other sources for fund.
(1) Proceeds of revenue bonds issued and sold under ORS 478.845 to 478.875 that are to be used to fund loans to persons for acquisition and installation of fire safety systems in structures owned by the borrowers shall be deposited in a loan fund created for the purpose by a city or district.
(2) In addition to proceeds from the sale of revenue bonds, the loan fund created by this section shall consist of:
(a) Moneys repaid to the fund by borrowers who received loans from the fund.
(b) Proceeds of the sales of structures acquired by the city or district as a result of loan defaults.
(c) Other revenues, as defined in ORS 287A.001, as determined by the city or district.
[1995 c.725 §7; 2007 c.783 §211]
Note: See note under 478.840.
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