Terms Used In Oregon Statutes > Chapter 289 > Oregon Facilities Authority

• Authority: means the Oregon Facilities Authority created by this chapter. See Oregon Statutes 289.005
• Contract: A legal written agreement that becomes binding when signed.
• Cost: means the cost of:

  (A) Construction, acquisition, alteration, enlargement, reconstruction and remodeling of a project, including all lands, structures, real or personal property, rights, rights of way, air rights, franchises, easements and interests acquired or used for or in connection with a project;

  (B) Demolition or removal of buildings or structures on land as acquired, including the cost of acquiring lands to which the buildings or structures may be moved;

  (C) All machinery and equipment;

  (D) Financing charges, interest prior to, during and for a period after completion of construction and acquisition, reasonably required amounts to make the project operational, provisions for reserves for principal and interest and for extensions, enlargements, additions, replacements, renovations and improvements;

  (E) Architectural, actuarial engineering, financial and legal services, plans specifications, studies, surveys, estimates of costs and of revenues, administrative expenses, expenses necessary or incident to determining the feasibility or practicability of constructing the project;

  (F) Management, operation or funding of a qualified program; and

  (G) Other expenses that are necessary or incident to a project, the financing of the project or the placing of the project in operation. See Oregon Statutes 289.005

• Institution: means a cultural institution, a health care institution, a housing institution, an institution for higher education, an institution for prekindergarten through grade 12 education, a school for persons with disabilities or another nonprofit. See Oregon Statutes 289.005
• 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}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Personal property: All property that is not real property.
• Project: means the financing or refinancing of the costs, including, without limitation, acquisition, construction, enlargement, remodeling, renovation, improvement, furnishing and equipping, of the following:

  (i) In the case of a participating institution that is an institution for higher education, an institution for prekindergarten through grade 12 education or a school for persons with disabilities, a structure, within this state or outside this state, that is suitable for use as a dormitory or other multiunit housing facility for students, faculty, officers or employees, or a dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletic facility, health care facility, maintenance, storage or utility facility and other structures or facilities, within this state or outside this state, that are related to any of the structures required or used for the instruction of students, the conducting of research or the operation of an institution for higher education, an institution for prekindergarten through grade 12 education or a school for persons with disabilities. See Oregon Statutes 289.005

• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• revenue bonds: means revenue bonds, as defined in ORS § 286A. See Oregon Statutes 289.005
• Trustee: A person or institution holding and administering property in trust.
• within this state: means that the institution:

  (a) Maintains its headquarters, principal office or primary place of business in the State of Oregon;

  (b) Owns or operates one or more facilities in the State of Oregon at which it conducts operations in furtherance of its institutional mission; or

  (c) Is owned or controlled by, or affiliated under common ownership with, an institution described in paragraph (a) or (b) of this subsection. See Oregon Statutes 289.005