Any treasurer receiving any payments of final assessments or interest on unpaid installments
by virtue of the Bancroft Bonding Act, shall account for the payments separately from
other funds of the local government. The amount of the moneys paid on account of installments, interest on unpaid installments
and late payment penalties or charges, shall be placed to the credit of a fund to
be known and designated as “Bancroft Bond Redemption Fund” or in any designated account
of the redemption fund that may be established by the local government under this
section. All interest and principal due on bonds issued under ORS 223.235 shall be paid from the redemption fund or from a designated account of the redemption
fund. The amount placed to the credit of the redemption fund or any account of the fund
shall from time to time, under the direction of the governing body of the issuing
local government, be invested as provided in ORS 294.035 or 294.805 to 294.895.
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