2021 Oregon Revised Statutes
Chapter 291 - State Financial Administration
Section 291.445 - Certificate of state agency that issues general obligation bonds; certificate of state tax levy if required; effect of reduction in General Fund appropriations on debt service appropriations.


(2) Each state agency authorized to issue general obligation bonds that are ordinarily to be repaid from other than General Fund appropriations shall, on or before August 15 of each fiscal year:
(a) Certify to the Director of the Oregon Department of Administrative Services that the amounts available or that will become available during the current year to the bond program debt service fund to pay bond principal and interest that has accrued or will accrue during the current year are sufficient and will be sufficient to pay bond program principal and interest scheduled for payment during the current year; or
(b) Certify to the Director of the Oregon Department of Administrative Services that the amounts available or that will become available during the current year to the bond program debt service fund will not be sufficient to pay bond program principal and interest scheduled for payment during the current year. A certificate issued under this paragraph shall specify the amount of the anticipated current year deficit. The Director of the Oregon Department of Administrative Services shall review and confirm the correctness of each certification made under this paragraph.
(3) On or before August 15 of each fiscal year, the administrative division of the Oregon Department of Administrative Services that has primary responsibility for accounting for each general obligation bond program in which the bond principal and interest is ordinarily to be repaid, in whole or in part, from General Fund appropriations shall:
(a) Certify to the Director of the Oregon Department of Administrative Services that the amounts available or that will become available during the current year from General Fund appropriations to defray program bond principal and interest that has accrued or will accrue during the current year are sufficient and will be sufficient to pay program bond principal and interest scheduled for payment during the current year; or
(b) Certify to the Director of the Oregon Department of Administrative Services that the amounts available or that will become available during the current year from General Fund appropriations will not be sufficient to pay program bond principal and interest scheduled for payment during the current year. A certificate issued under this paragraph shall specify the amount of the anticipated current year deficit.
(4)(a) For a general obligation bond program for which a property tax may be levied under the Oregon Constitution, if a deficit in funds available to pay principal and interest is certified and confirmed under subsection (2) or certified under subsection (3) of this section, the amount of the deficit, together with any deficit that is certified for any other general obligation bond program shall upon certification constitute a state tax levy on property that shall be apportioned among and charged to the several counties in that proportion which the total assessed value of all the taxable property in each county bears to the total assessed value of all the taxable property of the state as equalized.
(b) If any agency fails to make the certification under subsection (2) or (3) of this section with respect to any general obligation bond fund program, the Oregon Department of Administrative Services shall determine the amount of revenue and other funds that are available and the amount of taxes, if any, that should be levied in addition to the revenues and funds, to pay bond principal and interest under the program for the fiscal year in question. The additional amount so determined shall thereupon constitute a state tax levy on property that shall be apportioned, certified, collected and distributed as if determined and certified as a deficit by the agency. The Oregon Department of Administrative Services shall charge the agency for cost recovery for time spent on that agency’s behalf.
(5) Immediately after the department has determined the amount of a state tax levy on property in accordance with subsection (4) of this section, a certificate of levy, signed by the director of the department, shall be filed in the office of the department. If no state levy is required for the fiscal or tax year, a certificate so stating and signed by the director shall be filed in the office of the department.
(6) If, for any reason, after the close of any regular session of the Legislative Assembly, it becomes necessary to reduce General Fund appropriations, General Fund appropriations for a debt service fund of a general obligation bond program described under subsection (3) of this section may not be reduced.
(7)(a) For purposes of this section, state agencies that are authorized to finance projects or programs through the issuance of general obligation bonds ordinarily to be repaid from other than General Fund appropriations are those agencies that have outstanding general obligation bonds, the debt service on which is not the subject of a General Fund appropriation in the current biennium.
(b) Each agency authorized to finance projects or programs through the issuance of general obligation bonds that are ordinarily to be repaid from other than General Fund appropriations shall determine the amount of revenues or other funds that are available and the amount of taxes, if any, that should be levied for the ensuing year in the manner required under rules adopted by the Oregon Department of Administrative Services and make the certification required under subsection (2) of this section.
(8)(a) For purposes of this section, state agencies that are authorized to finance projects or programs through the issuance of general obligation bonds that are ordinarily to be repaid from General Fund appropriations are those agencies that have outstanding general obligation bonds, the debt service on which is the subject of a General Fund appropriation in the current biennium.
(b) Each agency authorized to finance projects or programs through the issuance of general obligation bonds ordinarily to be repaid from General Fund appropriations shall furnish any data required by the Oregon Department of Administrative Services to determine the amount of revenues or other funds that are available and the amount of taxes, if any, that should be levied for the ensuing year and the administrative division of the Oregon Department of Administrative Services that has primary responsibility for accounting shall make the determination for purposes of the making of the certification required under subsection (3) of this section. [Formerly 291.344; 1999 c.59 §75; 2005 c.22 §214; 2005 c.625 §73; 2009 c.11 §36; 2011 c.545 §24; 2015 c.767 §10; 2015 c.828 §15; 2017 c.9 §22]

Structure 2021 Oregon Revised Statutes

2021 Oregon Revised Statutes

Volume : 07 - Public Facilities and Finance

Chapter 291 - State Financial Administration

Section 291.001 - Use of accounting terms; determination of appropriate methods of transfer; establishment of funds and accounts.

Section 291.002 - Definitions.

Section 291.011 - Blanket fidelity bonds for state officers and personnel.

Section 291.015 - Fiscal responsibilities of department; delegation of fiscal functions.

Section 291.040 - State financial report.

Section 291.042 - Copyright, patent or other use of state data processing programs, information or materials; disposition of moneys collected.

Section 291.044 - State agency quarterly report of employee pay-line exceptions.

Section 291.045 - Definitions for ORS 291.045 and 291.047.

Section 291.047 - Public contract approval by Attorney General; exemptions; rules.

Section 291.049 - Ratification of public contract when performance begun prior to contract approval; conditions; effects; rules.

Section 291.050 - Definitions for ORS 291.050 to 291.060.

Section 291.055 - State agency fee approval; exemptions; restoration of temporarily reduced fees.

Section 291.060 - Report of fees to Legislative Assembly.

Section 291.100 - Financial management; duties of Oregon Department of Administrative Services; duties of state agencies.

Section 291.110 - Achieving performance outcomes; monitoring agency progress.

Section 291.120 - Distribution of agency savings; agency use.

Section 291.190 - Short title.

Section 291.195 - Policy for financial expenditure planning.

Section 291.200 - Budget policy.

Section 291.202 - Budget and tax expenditure report of Governor; department to assist in preparation.

Section 291.203 - Tax expenditure report by Governor.

Section 291.204 - Instructions to agencies for submitting budget information.

Section 291.206 - Guidance of agencies in completing agency request budgets; 10 percent cost reduction options; racial impact statement.

Section 291.210 - Preparing tentative budget; updating projected costs of currently authorized programs.

Section 291.214 - Governor to prepare recommendations regarding certain tax expenditures.

Section 291.215 - Governor’s budget to include amount for deferred maintenance and capital improvements.

Section 291.216 - Governor’s budget; when due; content.

Section 291.217 - Outcomes-based budget; contents; legislative review of performance management and performance measurement processes for services provided by contract or by school districts.

Section 291.218 - Printing Governor’s budget and tax expenditure report; transmitting to members of legislature; distribution.

Section 291.220 - Furnishing information and assistance to legislature.

Section 291.222 - Furnishing information and assistance to Governor-elect; revision of budget and tax expenditure report.

Section 291.223 - Furnishing budget estimates to Legislative Fiscal Officer and Legislative Revenue Officer; confidentiality of estimates.

Section 291.224 - Inclusion of capital construction program in Governor’s budget; furnishing information to Capitol Planning Commission.

Section 291.227 - Maximum supervisory ratios of certain state agencies; reporting; rules.

Section 291.232 - Declaration of policy.

Section 291.234 - Department to make allotments to state officers and agencies of appropriations and funds; allotment period; exemptions.

Section 291.236 - Application of allotment system; controlling expenditures and encumbering of emergency, contingent, revolving and trust funds.

Section 291.238 - Expenditures without allotment prohibited; expenditures from dedicated, revolving and trust funds.

Section 291.242 - Allotment required before expenditure of appropriation; submitting estimates; notice to Legislative Fiscal Office.

Section 291.252 - Modification of allotment previously made; notice to Legislative Fiscal Office.

Section 291.260 - Approving, modifying or disapproving requests and budgets to be submitted to the federal government.

Section 291.261 - Reducing allotment to prevent deficit; exception.

Section 291.263 - Vacant positions; information to Oregon Department of Administrative Services; report to Legislative Fiscal Officer.

Section 291.272 - Definitions for ORS 291.272 to 291.278.

Section 291.274 - Determination of funds and appropriations to be assessed.

Section 291.276 - Department allocation of governmental service expenses among state agencies.

Section 291.278 - Transfer of allocated amounts.

Section 291.285 - Payment of accounting charges from Economic Development Fund.

Section 291.290 - Cash account of state agency for receipts from Economic Development Fund.

Section 291.322 - Definitions for ORS 291.322 to 291.334.

Section 291.326 - Powers of board concerning expenditures by state agencies.

Section 291.328 - Board may require presentation of evidence to support requests for action; filing of orders.

Section 291.332 - Meetings of board; terms of members; filling vacancies on board.

Section 291.334 - Assistance of Legislative Fiscal Office to board; payment of board expenses.

Section 291.342 - Annual estimation of state revenues; apportionment among counties of any state property tax levy necessary to make up deficiency; quarterly estimates.

Section 291.345 - Appropriation of certain excess corporate income and excise tax revenues to State School Fund.

Section 291.348 - Biennial estimate of General Fund and State Lottery Fund revenues; certification to Secretary of State.

Section 291.349 - Revenue estimate; disposition of revenue in excess of estimate.

Section 291.351 - Certification of costs.

Section 291.357 - Limitation on rate of growth of appropriations for general governmental purposes; exceeding limitation.

Section 291.371 - Salary plan review by legislative review agency; approval for position reallocation; quarterly reports by state agencies.

Section 291.373 - Reporting of substantive program changes.

Section 291.375 - Legislative review of applications for federal financial assistance; submission, approval required; exemptions.

Section 291.377 - Report to legislative review agency of state position reclassifications.

Section 291.405 - Assessment of state agencies for mass transit purposes; rates.

Section 291.407 - Mass Transit Assistance Account; source; distribution; assistance of Department of Transportation; exemption from parking code requirements.

Section 291.445 - Certificate of state agency that issues general obligation bonds; certificate of state tax levy if required; effect of reduction in General Fund appropriations on debt service appropriations.

Section 291.730 - Cryptocurrency payments.

Section 291.990 - Penalties.