2021 Oregon Revised Statutes
Chapter 456 - Housing
Section 456.655 - When bonds not to be issued; debt service reserve; bond declaration.

(a) All interest payable during the fiscal year on all bonds secured by a pledge of amounts in the capital reserve account outstanding on the date of computation; and
(b) The principal amount of such bonds maturing during the same fiscal year; and
(c) All amounts as specified in any housing finance bond declaration or in any contract with bondholders as payable during such fiscal year as a sinking fund payment with respect to any bond issues as the Housing and Community Services Department has determined a debt service shall be required which mature after such fiscal year.
(2) The required debt service reserve shall be calculated on the assumption that bonds will after the date of computation cease to be outstanding by reason of payment of the bonds when due at their respective maturity, and upon application, in accordance with the resolution or any contract with bondholders, of all sinking fund payments payable at or after such date of computation. However, the department may, at the time of issuance of additional bonds, deposit in the capital reserve account, from the proceeds of the additional bonds to be issued, or other sources, an amount, which, together with the amount then in such fund will be not less than the maximum required debt service reserve.
(3) No bonds shall be issued by the State Treasurer unless they are part of an issue described in a written instrument signed by the Director of the Housing and Community Services Department and filed in the office of the State Treasurer. Each instrument shall set forth or otherwise determine or provide for the date of the bonds, the amount, the maturity or maturities, the rate or rates of interest, the form of bonds, the place of payment, registration provisions, terms of redemption, and time, place and manner of sale of the issue. Each instrument, when the State Treasurer shall have certified approval thereon, shall be known as a "housing finance bond declaration." Each housing finance bond declaration shall be deemed to be and shall constitute conclusive proof of the authorization to issue the bonds therein described and may contain such further pledges and provisions concerning bonds. The State Treasurer and the director of the department shall have and exercise all powers necessary or incidental to carry out the purposes of this subsection. [1973 c.828 §13; 1975 c.154 §3; 1983 c.519 §5]

Structure 2021 Oregon Revised Statutes