Chapter 47 Oregon Laws 2001
AN ACT
HB 2122
Relating to issuance of refunding bonds; amending ORS 288.620 and 288.670; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1.
ORS 288.620 is amended to read:
288.620. (1)
Refunding bonds may not be issued under ORS 288.605 to 288.695 unless
authorized by the State Treasurer under this section.
[(1)] (2) Following adoption of an ordinance
or resolution approving a refunding plan to issue advance refunding bonds [or to effect a forward current refunding],
the refunding plan shall be submitted to the State Treasurer for review and
approval.
(3) Following
adoption of an ordinance or resolution approving a refunding plan to effect a
forward current refunding, the refunding plan must be submitted to the State
Treasurer for review and approval if the State Treasurer has adopted rules
under ORS 288.592 related to forward current refunding bonds.
(4) After review of [the] a proposed refunding plan, the State Treasurer shall advise the
public body, in writing, whether the sale of refunding bonds is authorized. [No refunding bonds may be issued under ORS
288.605 to 288.695 unless authorized by the State Treasurer pursuant to this
section; provided, that] Failure of
the State Treasurer to notify the public body within 30 business days after
receipt of the refunding plan shall be deemed an authorization to proceed.
Except as provided in ORS 288.625, in making determinations under this section
the State Treasurer shall consider all relevant factors, including the purposes
for which the refunding plan is adopted, the terms of the refunding plan, the
effects (if any) of applicable federal laws and the views of recognized experts
in the field.
[(2)] (5) The State Treasurer may delegate the
authority to approve refunding plans, including approval of the investment of
the refunding bond proceeds, to the Oregon Municipal Debt Advisory Commission.
[(3)] (6) The administrative expenses of the
State Treasurer incurred in reviewing refunding plans shall be charged against
the bond proceeds[,] or may be paid
by the public body from such other funds as may be available.
SECTION 2.
ORS 288.670 is amended to read:
288.670. (1) Except for advance refunding bonds sold
pursuant to ORS 288.615 (1)(a), the [various
annual maturities] maturity dates
of general obligation bonds issued to refund voted general obligation bonds [shall not extend over a longer period of
time than] may not be more than 30
days after the maturity dates of the bonds to be refunded. [Such maturities may be changed in amount or
shortened in term if the estimated respective annual principal and interest
requirements of the refunding bonds, computed upon the anticipated effective
interest rate the governing body shall in its discretion determine will be
borne by such bonds, will not exceed in the aggregate the principal and
interest requirements of the bonds being refunded. However, the issuer may
increase the principal amount of annual maturities for the purpose of rounding
out maturities to the nearest $5,000]
However, as long as the total debt service on the refunding bonds does not
exceed the total debt service on the bonds to be refunded, the amounts maturing
on any given date may be changed, and the refunding general obligation bonds
may mature earlier than the bonds to be refunded.
(2) Subsection (1) of this section does not apply to
general obligation bonds of the State of Oregon.
SECTION 3.
This 2001 Act being necessary for the
immediate preservation of the public peace, health and safety, an emergency is
declared to exist, and this 2001 Act takes effect on its passage.
Approved by the Governor
April 6, 2001
Filed in the office of
Secretary of State April 6, 2001
Effective date April 6, 2001
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