Oregon Revised Statutes Chapter 1 § 1.181 — Bonds

Bonds for courthouse capital construction and improvement. (1) Out of the amount specified in section 1 (6), chapter 705, Oregon Laws 2013, the State Treasurer may issue Article XI-Q bonds in an amount not to exceed $19 million of net proceeds for the purposes specified in subsection (3) of this section, plus an amount estimated by the State Treasurer to pay estimated bond-related costs. (2)(a) Bonds may not be issued pursuant to this section or section 10, chapter 685, Oregon Laws 2015, unless: (A) The Chief Justice of the Supreme Court has determined that: (i) The courthouse with respect to which the bonds will be issued has significant structural defects, including seismic defects, that present actual or potential threats to human health and safety; (ii) Replacing the courthouse, whether by acquiring and remodeling or repairing an existing building or by constructing a new building, is more cost-effective than remodeling or repairing the courthouse; and (iii) Replacing the courthouse creates an opportunity for colocation of the court with other state offices; and (B) The Oregon Department of Administrative Services has approved the project for which the bonds will be issued. (b) The Oregon Department of Administrative Services, after consultation with the Judicial Department, shall determine when net proceeds are needed for the purposes described in subsection (3) of this section and shall consult with the Judicial Department regarding the sale of bonds to be issued pursuant to this section. (3) The State Treasurer shall deposit the net proceeds of bonds issued pursuant to this section and section 10, chapter 685, Oregon Laws 2015, in the Oregon Courthouse Capital Construction and Improvement Fund. The net proceeds and any interest earnings may be used solely to finance costs related to acquiring, constructing, remodeling, repairing, equipping or furnishing land, improvements, courthouses or portions of courthouses that are, or that upon completion of a project funded under this section will be, owned or operated by the State of Oregon. (4) As used in ORS 286A.816 to 286A.826 with respect to this section: (a) “Project agency” means the Judicial Department. (b) “Project fund” means the Oregon Courthouse Capital Construction and Improvement Fund. [2013 c.705 §8; 2014 c.121 §6; 2016 c.118 §2]