The Department of Transportation may establish a separate reserve account to provide additional security for bonds issued under ORS § 367.615. The following apply to any account established under this section:

Terms Used In Oregon Statutes 367.645

  • Bond: means a contractual undertaking or an instrument to borrow money including, but not limited to, a bond, a note, an obligation, a loan agreement, a financing lease, a financing agreement or other similar instrument or agreement. See Oregon Statutes 367.010
  • Bond debt service: means payment of:

    (a) Principal, interest, premium, if any, or purchase price of a bond;

    (b) Amounts due to a credit enhancement provider, trustee, paying agent, commercial paper dealer or remarketing agent authorized by this chapter;

    (c) Amounts necessary to fund bond debt service reserves; and

    (d) Amounts due under an agreement for exchange of interest rates if designated by the State Treasurer or the Department of Transportation. See Oregon Statutes 367.010

(1) The account may be established as part of the highway fund or separately.

(2) The establishment of an account does not, in itself, limit the payment of bond debt service for bonds issued under ORS § 367.615 to moneys in the account. Bond debt service for bonds issued under ORS § 367.615 may be paid from any moneys under ORS § 367.605, whether or not an account is established, unless otherwise provided by indenture under ORS § 367.640.

(3) The account is subject to any provisions established by indenture under ORS § 367.640 concerning the amount of money in the account or the replenishing of moneys if the account is drawn down at any time while bonds are outstanding.

(4) The account is subject to any other provisions concerning the account that are established by indenture under ORS § 367.640. [1985 c.551 § 8; 1989 c.610 § 2; 2003 c.201 § 28]

 

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