(1) In compliance with the applicable provisions of ORS Chapter 286A, the State Board of Forestry may request the State Treasurer to issue the revenue bonds described in ORS § 530.140 to acquire any lands as provided in ORS § 530.010 and to sell revenue bonds under ORS § 530.140 in the manner the State Treasurer deems advisable. The net proceeds derived from the sale of the revenue bonds, after the payment of bond-related costs, shall be paid into the State Treasury and credited to the State Forestry Department Account to be used exclusively for the purpose of acquiring lands as provided by ORS § 530.010 and 530.025. The State Forestry Department may establish one or more subaccounts, as it determines are desirable for administration of the net proceeds, in the State Forestry Department Account.

(2) Subject to any management plan adopted under ORS § 526.905 for the lands, the board may make covenants related to the operation, use and sale of, or revenues derived from, lands acquired with proceeds of the revenue bonds that the board determines after consultation with the State Treasurer to be necessary or desirable for repayment of the bonds.

(3) Any lands proposed to be acquired under subsection (1) of this section shall be appraised by the State Board of Forestry and the appraisal shall be approved by the Department of State Lands prior to the acquisition of the lands. [Amended by 1957 c.83 § 15; 1959 c.209 § 1; 1975 c.614 § 17; 1981 c.660 § 43; 2007 c.783 § 213; 2009 c.831 § 13]