(a) "Credit enhancement agreement" means any agreement or contractual relationship between the Willamette Falls Locks Authority and any bank, trust company, insurance company, surety bonding company, pension fund or other financial institution providing additional credit on or security for a financing agreement or certificates of participation.
(b) "Financing agreement" means a lease-purchase agreement, an installment sale agreement, a loan agreement, note agreement, short-term promissory notes, commercial papers, lines of credit or similar obligations or any other agreement to finance real or personal property that is or will be owned and operated by the authority, or to refinance previously executed financing agreements.
(c) "Personal property" means tangible personal property, software and fixtures.
(d) "Property rights" means, with respect to personal property, the rights of a secured party under ORS chapter 79 and, with respect to real property, the rights of a trustee or lender.
(e) "Software" means software and training and maintenance contracts related to the operation of computing equipment.
(2) The Willamette Falls Locks Authority may enter into financing agreements in accordance with this section, upon such terms as the authority determines to be necessary or desirable. Amounts payable by the authority under a financing agreement are limited to funds specifically pledged, budgeted for or otherwise made available by the authority. If there are insufficient available funds to pay amounts due under a financing agreement, the lender may exercise any property rights that the authority has granted to the lender in the financing agreement against the property that was purchased with the proceeds of the financing agreement, and may apply the amounts so received toward payments scheduled to be made by the authority under the financing agreement.
(3) The authority may:
(a) Enter into agreements with third parties to hold financing agreement proceeds, payments and reserves as security for lenders, and to issue certificates of participation in the right to receive payments due from the authority under a financing agreement. Amounts held pursuant to this paragraph shall be invested at the direction of the authority. Interest earned on any investments held as security for a financing agreement may, at the option of the authority, be credited to the accounts held by the third party and applied in payment of sums due under a financing agreement.
(b) Enter into credit enhancement agreements for financing agreements or certificates of participation, provided that the credit enhancement agreements must be payable solely from funds specifically pledged, budgeted for or otherwise made available by the authority and amounts received from the exercise of property rights granted under the financing agreements.
(c) Use financing agreements to finance the costs of acquiring or refinancing real or personal property, plus the costs of reserves, credit enhancements and costs associated with obtaining the financing.
(d) Grant leases of real property with a trustee or lender.
(e) Grant security interests in personal property to trustees or lenders.
(f) Make pledges for the benefit of trustees and lenders.
(g) Purchase fire, liability, flood and extended insurance coverage or other casualty insurance for property that is acquired, transferred or refinanced with proceeds of a financing agreement, assign the proceeds thereof to a lender or trustee to the extent of their interest, and covenant to maintain the insurance while the financing agreement is unpaid, so long as available funds are sufficient to purchase such insurance.
(4) A lease or financing agreement under this section does not cause otherwise exempt property to be subject to property taxation. A lease or financing agreement is disregarded in determining whether property is exempt from taxation under ORS chapter 307. [2021 c.229 §9]
Note: See note under 196.200.
Structure 2021 Oregon Revised Statutes
Volume : 05 - State Government, Government Procedures, Land Use
Chapter 196 - State Waters and Ocean Resources; Wetlands; Removal and Fill
Section 196.105 - Definitions for ORS 196.105 to 196.125.
Section 196.110 - Land use regulation in Columbia River Gorge National Scenic Area.
Section 196.115 - Appeal from decision of Columbia River Gorge Commission or county.
Section 196.125 - Buffer by regulation around Columbia River Gorge National Scenic Area prohibited.
Section 196.150 - Compact provisions.
Section 196.160 - Membership on Columbia River Gorge Commission.
Section 196.165 - Status of commission employees for purposes of certain benefits.
Section 196.175 - Pacific Ocean Resources Compact ratified.
Section 196.180 - Compact provisions.
Section 196.185 - Representation on compact.
Section 196.200 - Definitions for ORS 196.200 to 196.240 and 196.993.
Section 196.210 - Membership of authority.
Section 196.215 - Executive director; status of director and employees.
Section 196.220 - Powers and duties of authority.
Section 196.225 - Creation of tax-exempt entity by authority.
Section 196.230 - Revenue bonds issued by authority.
Section 196.235 - Financing agreements.
Section 196.240 - Audits; report to Legislative Assembly.
Section 196.405 - Definitions for ORS 196.405 to 196.515.
Section 196.408 - Duties of state agencies.
Section 196.410 - Legislative findings for offshore oil and gas leasing.
Section 196.415 - Legislative findings for ocean resources management.
Section 196.425 - Oregon Ocean Resources Management Program.
Section 196.435 - Primary agency for certain federal purposes; restrictions.
Section 196.438 - Ocean Policy Advisory Council; members; term of office; quorum.
Section 196.443 - Duties of council.
Section 196.448 - Member compensation; meetings.
Section 196.453 - Project review panels; guidelines.
Section 196.465 - Compatibility of acknowledged comprehensive plans.
Section 196.471 - Territorial Sea Plan review requirements.
Section 196.485 - State agency coordination requirements; incorporation of plans.
Section 196.540 - Marine reserves; rules.
Section 196.545 - Work plan; use of data and recommendations.
Section 196.555 - Reporting; rules.
Section 196.565 - Oregon Ocean Science Trust; members; terms; compensation and expenses; rules.
Section 196.566 - Trust duties.
Section 196.567 - Oregon Ocean Science Fund; sources; uses.
Section 196.568 - Reimbursement from fund.
Section 196.573 - Council duties; biennial report.
Section 196.580 - Liaison program duties.
Section 196.583 - Requirement to share geological data regarding territorial sea floor.
Section 196.600 - Definitions for ORS 196.600 to 196.655.
Section 196.610 - Powers of Director of Department of State Lands; fees.
Section 196.615 - Program for mitigation banks; program standards and criteria; rules.
Section 196.623 - Watershed enhancement project as mitigation bank; sale of mitigation credit.
Section 196.625 - Fill and removal activities in mitigation banks; reports.
Section 196.635 - Director to consult and cooperate with other agencies and interested parties.
Section 196.640 - Oregon Removal-Fill Mitigation Fund; rules.
Section 196.645 - Sources of fund.
Section 196.650 - Use of fund.
Section 196.655 - Report on Oregon Removal-Fill Mitigation Fund; contents.
Section 196.668 - Legislative findings.
Section 196.674 - Statewide Wetlands Inventory; rules.
Section 196.678 - Wetland conservation plans; contents; procedure for adopting.
Section 196.682 - Permits required for removal or fill; conditions on issuance of permit.
Section 196.686 - Acknowledged estuary management plans; review and approval; hearings; final order.
Section 196.687 - Regulation of alteration or fill of artificially created wetlands.
Section 196.688 - Public information program.
Section 196.800 - Definitions for ORS 196.600 to 196.921.
Section 196.810 - Permit for removal of material from or fill of waters; rules.
Section 196.812 - Large woody debris; rules.
Section 196.815 - Application for permit; rules; fees; disposition of fees.
Section 196.817 - General permits; rules.
Section 196.818 - Wetland delineation reports; review by Department of State Lands; fees; rules.
Section 196.860 - Enforcement powers of director.
Section 196.870 - Abatement proceedings; restraining order; injunction; public compensation.
Section 196.885 - Annual report of fill and removal activities; contents of report.
Section 196.895 - Imposition of civil penalties.
Section 196.906 - Legislative findings and declarations.
Section 196.909 - Definitions.
Section 196.911 - Maintenance without permit; applicability; notice.
Section 196.913 - Prohibitions; conditions.
Section 196.917 - Notice of violation; reasonable efforts to induce voluntary compliance.
Section 196.919 - Memoranda of understanding.
Section 196.921 - Applicability; rules.
Section 196.990 - Penalties for unpermitted removal from or filling of waters.
Section 196.993 - Penalties for unauthorized use of Willamette Falls Locks.