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Current as of January 01, 2023 | Updated by Findlaw Staff
The Department of Transportation may establish a separate reserve account to provide additional security for bonds issued under ORS 367.615. The following apply to any account established under this section:
(1) The account may be established as part of the highway fund or separately.
(2) The establishment of an account does not, in itself, limit the payment of bond debt service for bonds issued under ORS 367.615 to moneys in the account. Bond debt service for bonds issued under ORS 367.615 may be paid from any moneys under ORS 367.605, whether or not an account is established, unless otherwise provided by indenture under ORS 367.640.
(3) The account is subject to any provisions established by indenture under ORS 367.640 concerning the amount of money in the account or the replenishing of moneys if the account is drawn down at any time while bonds are outstanding.
(4) The account is subject to any other provisions concerning the account that are established by indenture under ORS 367.640.
Cite this article: FindLaw.com - Oregon Revised Statutes Highways, Roads, Bridges and Ferries § 367.645 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-31-highways-roads-bridges-and-ferries/or-rev-st-sect-367-645/
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.
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