Relating to county road fund moneys; and prescribing an effective date.
Catchline/Summary:
Authorizes moneys from federal sources in county road fund of Curry County, Klamath County or Yamhill County to be loaned to taxing district within county, another county or taxing district within another county, only pursuant to legally binding intergovernmental agreement or loan agreement. Authorizes moneys from federal sources in county road fund of Curry County, Klamath County or Yamhill County to be loaned to taxing district within county, another county or taxing district within another county, only pursuant to legally binding intergovernmental agreement or loan agreement. Provides maximum limit on loan amount. Provides that rate of interest may not be less than average rate of return earned over immediately preceding 12-month period by county moneys in local government investment pool. Requires intergovernmental agreement or loan agreement to establish remedies in favor of lender county if borrower taxing district or county defaults on debt service obligations. Requires lender county to disclose loan to Oregon Municipal Debt Advisory Commission. Prohibits lending of moneys from state and local sources that are subject to Article IX, section 3a, of Oregon Constitution.
Takes effect on 91st day following adjournment sine die.
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HB 3435
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