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Oregon Revised Statutes Education and Culture § 348.690

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) Revenue bonds issued under ORS 348.570 and 348.625 to 348.695:

(a) Shall not be payable from nor charged upon any funds other than the revenue pledged to the payment thereof, except as provided in this section, nor shall the state be subject to any liability thereon. No holder or holders of such bonds shall ever have the right to compel any exercise of the taxing power of the state to pay any such bonds or the interest thereon, nor to enforce payment thereof against any property of the state.

(b) Shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the state other than the Oregon Student Assistance Fund established by ORS 348.570, any account or subaccount thereof or student loans, if any, owned or acquired by the Higher Education Coordinating Commission pursuant to the alternative student loan program.

(2) Each bond issued under ORS 348.570 and 348.625 to 348.695 shall recite in substance that the bond, including interest on the bond, is payable solely from the revenue pledged to the payment of the bond. No such bond shall constitute a debt of the state or a lending of the credit of the state within the meaning of any constitutional or statutory limitation. However, nothing in ORS 348.570 and 348.625 to 348.695 is intended to impair the rights of holders of bonds to enforce covenants made for the security of the bonds as provided in ORS 348.685.

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Cite this article: FindLaw.com - Oregon Revised Statutes Education and Culture § 348.690 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-30-education-and-culture/or-rev-st-sect-348-690/

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