Oregon Statutes 88.740 – Investment of surplus moneys in Oregon War Veterans Bond Sinking Account
(1) The Department of Veterans’ Affairs is authorized, in whatever manner the department considers advisable and to the extent necessary to carry out the provisions of ORS § 88.710 to 88.740, to use the surplus moneys in the Oregon War Veterans’ Bond Sinking Account, other than the moneys therein which are derived from tax levies and sales of refunding bonds, that are earnings in excess of the amount required to amortize the bonded indebtedness incurred under the authority of Article XI-A, section 1, of the Oregon Constitution, and ORS Chapter 407.
Terms Used In Oregon Statutes 88.740
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(2) The property acquired under ORS § 88.710 to 88.740 shall represent an investment of the Oregon War Veterans’ Bond Sinking Account and all moneys received by the department from the sale, lease or other disposition of any property shall be deposited in the Oregon War Veterans’ Bond Sinking Account.
(3) The department may pay to the State Treasurer, to be deposited in the General Fund available for general governmental expenses:
(a) An amount equal to the balance owing on any existing real estate contract arising out of the sale of property by the department which was an investment of the General Fund pursuant to ORS § 88.710 to 88.740, and upon such payment the interest represented by the real estate contract shall represent an investment of the Oregon War Veterans’ Bond Sinking Account.
(b) An amount equal to the General Fund moneys expended for the acquisition of presently unsold properties pursuant to ORS § 88.710 to 88.740, and upon such payment the properties shall represent an investment of the Oregon War Veterans’ Bond Sinking Account. [1967 c.211 § 8 (enacted in lieu of 88.730); 1987 c.652 § 16; 2005 c.625 § 69; 2019 c.223 § 18]