Oregon Revised Statutes Chapter 407 § 407.515 — Oregon

Oregon War Veterans’ Bond Sinking Account; sources; use. (1) The Oregon War Veterans’ Bond Sinking Account is created as a restricted account within the Oregon War Veterans’ Fund. The sinking account shall consist of: (a) All moneys received as payments on principal and interest of loans made under ORS 407.125; (b) All moneys received as accrued interest upon bonds sold; (c) All moneys derived from tax levies provided for in ORS 291.445; (d) All moneys derived from the sale, rental or administration of property acquired by foreclosure or other proceeding, or deed; (e) All moneys received as interest upon investments of the account and the Oregon War Veterans’ Fund; (f) All moneys received as proceeds from the sale of refunding bonds; and (g) All other moneys accruing under this chapter not required to be credited to the Oregon War Veterans’ Fund. (2) Disbursements from the sinking account shall be made upon submission of duly verified claims that are approved by the Director of Veterans’ Affairs. The Secretary of State may audit the claims in the manner that other claims against the state are audited. The moneys in the sinking account, other than those derived from tax levies and from sales of refunding bonds, are continuously appropriated for payment of expenses of administration of this chapter. The moneys in the sinking account may be invested as provided in ORS 293.701 to 293.857. (3) Amounts in the sinking account shall be held and set aside separately from the amounts in the Oregon War Veterans’ Fund and any other funds or assets of this state, but such account may be accounted for as part of the Oregon War Veterans’ Fund. (4) The debt service reserve account within the sinking account shall be maintained as a subaccount within the sinking account dedicated to provide funds for the payment of bonds issued under authority of Article XI-A of the Oregon Constitution. (5) Nothing in this section shall be construed so as to impair any covenant or agreement with the holders of such bonds heretofore entered into by the director on behalf of this state with respect to the maintenance of the sinking account as heretofore constituted and any such covenant and agreement shall remain in full force and effect. (6) The director may create subaccounts in the sinking account necessary for appropriate administration of the director’s duties including, but not limited to, providing for the issuance, security, payment or administration of bonds or to preserve the federally tax exempt status of bonds issued on a federally tax exempt basis. The director may segregate such subaccounts from other subaccounts used for other purposes including, but not limited to, the issuance, security, payment or administration of bonds or other obligations, whether previously or subsequently issued. [Formerly 407.170; 1987 c.425 §7; 1987 c.652 §13; 1989 c.932 §4; 1991 c.220 §12; 2001 c.98 §4; 2011 c.222 §2; 2019 c.223 §16]