Oregon Code § 238.696·Enacted ·Last updated March 01, 2026
Statute Text
Debt
service trust fund.
(1) A public body, or a group of public bodies that enter into an
intergovernmental agreement under ORS 238.695, may establish a debt service
trust fund for the purpose of paying the principal and interest on bonds issued
under ORS 238.692 to 238.698. The trustee of the debt service trust fund shall
hold the moneys paid into the trust fund solely for the purpose of paying the
principal and interest on bonds issued under ORS 238.692 to 238.698 and for
paying the administrative costs of the trust fund.
(2) Moneys held
in a debt service trust fund are subject to the limitations on investment
imposed by ORS 294.033 and 294.035.
(3) A public
body, or a group of public bodies that enter into an intergovernmental
agreement under ORS 238.695, that has established a debt service trust fund
under this section may not divert or pledge any moneys paid into the trust fund
for any purpose other than the purpose specified in subsection (1) of this
section until the total amount of principal and interest on bonds issued by the
public body or under the intergovernmental agreement, and any premium on those
bonds, is paid. [2001 c.945 §26; 2007 c.783 §80]
Plain English Explanation
This Oregon statute addresses Debt
. AI-powered analysis coming soon.
Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 238.696
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Debt
. Read the full statute text above for details.
This page reflects the current text as of our last update. Always verify with the official Oregon legislature website for the most current version.
The formal citation is Oregon Code § 238.696. Use this format in legal documents and court filings.
Browse related sections using the links below, or search all Oregon statutes on FlawFinder.