When a public body is authorized by law to issue bonds, the public body may lend moneys derived from an issuance and sale of bonds to a conduit borrower of proceeds from outstanding, previously issued conduit revenue bonds for the purpose of paying a termination payment required to be paid by the borrower under an agreement for exchange of interest rates entered into by the borrower in relation to the outstanding conduit revenue bonds. [2009 c.538 § 6]

Terms Used In Oregon Statutes 287A.339

  • Agreement for exchange of interest rates: means a contract, or an option or forward commitment to enter into a contract, for an exchange of interest rates for related bonds that provides for:

    (a) Payments based on levels or changes in interest rates; or

    (b) Provisions to hedge payment, rate, spread or similar exposure including, but not limited to, an interest rate floor or cap or an option, put or call. See Oregon Statutes 287A.001

  • public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
  • Revenue: means all fees, tolls, excise taxes, assessments, property taxes and other taxes, rates, charges, rentals and other income or receipts derived by a public body or to which a public body is entitled. See Oregon Statutes 287A.001
  • Termination payment: means the amount payable under an agreement for exchange of interest rates by one party to another party as a result of the termination, in whole or part, of the agreement prior to the expiration of the stated term. See Oregon Statutes 287A.001

 

287A.339 was added to and made a part of ORS Chapter 287A by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

 

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