Oregon Statutes 367.168 – Revenue declaration
(1) Before grant anticipation revenue bonds are issued under ORS § 367.161 to 367.181, the Department of Transportation shall prepare a revenue declaration authorizing issuance of the revenue bonds. The declaration must be signed by the Director of Transportation, or the director’s designee, and must be approved by the State Treasurer, or the treasurer’s designee.
Terms Used In Oregon Statutes 367.168
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Contract: A legal written agreement that becomes binding when signed.
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Trustee: A person or institution holding and administering property in trust.
(2) A declaration under this section may:
(a) Pledge all or a portion of the moneys described in ORS § 367.173 for purposes of the revenue bonds to be issued.
(b) Limit the purposes to which the department may apply the proceeds of the sale.
(c) Make pledges concerning the proceeds of the sale or moneys described in ORS § 367.173 to secure payment of the revenue bonds issued under ORS § 367.161 to 367.181.
(d) Limit or otherwise provide for the issuance of additional revenue bonds, including refunding bonds, under ORS § 367.161 to 367.181, limit or establish terms upon which additional revenue bonds, including refunding bonds, may be issued under ORS § 367.161 to 367.181.
(e) Provide for procedures, if any, by which the terms of contracts with bondholders may be amended or rescinded, for the percentage of the bondholders that must consent to amendment or rescission of the contract and for the manner of bondholder consent to amendment or rescission of the contract.
(f) Establish a trustee and vest the trustee with property, rights, powers or duties in trust, as the State Treasurer determines appropriate.
(g) Provide for other matters affecting issuance of the revenue bonds.
(3) A declaration under this section may establish the same requirements, be subject to the same provisions, create the same obligations and confer the same rights as an indenture under ORS § 367.171, if so provided in the declaration. [2003 c.201 § 5]
[Formerly 366.750; repealed by 1981 c.660 § 18]