(1) The State Treasurer, at the request of the Director of the State Department of Energy, from time to time may issue and sell revenue 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 necessary to carry out the purposes of ORS § 470.500 to 470.710, or for paying or refunding any revenue bonds previously issued on behalf of the State Department of Energy for those purposes. At least once every six months, the director shall estimate the anticipated demand for loans under the energy efficiency and sustainable technology loan program, and shall make a written declaration of this amount to the State Treasurer.

(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, through the Energy Revenue Bond Repayment Fund solely from the revenues, moneys and other assets of the Energy Project Bond Loan Fund and the Energy Project Supplemental Fund that may be pledged for that payment. The Director of the State Department of Energy shall determine for each fiscal quarter the amount that will fall due during that fiscal quarter for bonds issued under this section, other amounts described in ORS § 470.585 and any expected significant changes in bond obligations for upcoming fiscal quarters and the amount necessary to adequately fund reserves. The director shall request that the State Treasurer make transfers from the Energy Project Bond Loan Fund and Energy Project Supplemental Fund to the Energy Revenue Bond Repayment Fund as the director believes prudent to ensure the continuing payment of maturing obligations and the funding of reserves.

(3) Prior to an issuance of revenue bonds under this section, the director shall prepare and sign a written declaration setting forth the amount of the bonds to be issued and the terms and conditions for issuance. If the State Treasurer approves the declaration, the State Treasurer shall certify the approval on the declaration. The approved declaration shall be known as an ‘energy revenue bond declaration.’ Each bond declaration shall be deemed to be and shall constitute conclusive proof of the authorization to issue the bonds described in the bond declaration and may contain further pledges and covenants as determined by the director or the State Treasurer. [2009 c.753 § 22; 2010 c.92 § 5]