Oregon Statutes 238.696 – Debt service trust fund
(1) A public body, or a group of public bodies that enter into an intergovernmental agreement under ORS § 238.695, may establish a debt service trust fund for the purpose of paying the principal and interest on bonds issued under ORS § 238.692 to 238.698. The trustee of the debt service trust fund shall hold the moneys paid into the trust fund solely for the purpose of paying the principal and interest on bonds issued under ORS § 238.692 to 238.698 and for paying the administrative costs of the trust fund.
Terms Used In Oregon Statutes 238.696
- public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
- Trustee: A person or institution holding and administering property in trust.
(2) Moneys held in a debt service trust fund are subject to the limitations on investment imposed by ORS § 294.033 and 294.035.
(3) A public body, or a group of public bodies that enter into an intergovernmental agreement under ORS § 238.695, that has established a debt service trust fund under this section may not divert or pledge any moneys paid into the trust fund for any purpose other than the purpose specified in subsection (1) of this section until the total amount of principal and interest on bonds issued by the public body or under the intergovernmental agreement, and any premium on those bonds, is paid. [2001 c.945 § 26; 2007 c.783 § 80]