Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2023 | Updated by Findlaw Staff
As used in ORS 352.388 to 352.415:
(1) “Bond-related costs” means:
(a) The costs of paying the principal of, the interest on and the premium, if any, on revenue bonds.
(b) The costs and expenses of issuing, administering and maintaining revenue bonds, including, but not limited to, the costs and expenses of:
(A) Redeeming revenue bonds.
(B) Paying amounts due in connection with credit enhancement devices or agreements for exchange of interest rates.
(C) Paying the fees, administrative costs and expenses of a university with a governing board related to revenue bonds, including, but not limited to, the costs of consultants, bond trustees, remarketing agents, escrow agents, arbitrage rebate consultants, calculation agents and advisers retained by the university.
(c) The costs of funding reserves for the revenue bonds.
(d) Capitalized interest for the revenue bonds.
(e) Rebates or penalties due to the United States in connection with the revenue bonds.
(f) Any other costs or expenses that a university with a governing board determines are necessary or desirable in connection with issuing and maintaining the revenue bonds.
(2) “Credit enhancement device” means an agreement or contractual relationship between a university with a governing board and a bank, trust company, insurance company, surety bonding company, pension fund or other financial institution or entity providing additional credit on or security for a revenue bond.
(3) “For the benefit of a university with a governing board” means, in relation to state bonds:
(a) Before August 14, 2013, the portion of the proceeds of the state bonds that was used to finance property, projects or liabilities on behalf of the State Board of Higher Education and for the benefit of a university with a governing board in pursuing the purposes and missions of the university.
(b) On or after August 14, 2013, the portion of the proceeds of the state bonds a university with a governing board is eligible to receive under ORS 352.402 to finance property, projects or liabilities on behalf of and for the benefit of a university with a governing board in pursuing the purposes and missions of the university.
(4) “Obligation” means:
(a) A revenue bond;
(b) The commitment of a university with a governing board in connection with a credit enhancement device; or
(c) An agreement for exchange of interest rates.
(5) “Operative document” means a bond declaration, trust agreement, indenture, security agreement or other document in which a university with a governing board makes a pledge.
(6) “Pledge” means:
(a) To create a lien on revenue or property.
(b) A lien created on revenue or property.
(7) “Revenue” means tuition, fees, charges, rents, revenues, interest, dividends, receipts and other income of a university with a governing board, except moneys received by the university from taxes collected by the State of Oregon.
(8) “Revenue bond”:
(a) Means a contractual undertaking or instrument of a university with a governing board to repay borrowed moneys, which undertaking or instrument is secured by a pledge of all or part of the revenue of the university.
(b) Does not mean a credit enhancement device or a state bond.
Cite this article: FindLaw.com - Oregon Revised Statutes Education and Culture § 352.388 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-30-education-and-culture/or-rev-st-sect-352-388/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)