§ 757.937 — Financing agreements authorized

Oregon § 757.937

• Jurisdiction: Oregon
• Vol.: 19
• Title 57: Utility Regulation
• Ch. 757: Utility Regulation Generally

Text

(1) Oregon Community Power may enter into financing agreements in accordance with ORS 757.935 to 757.945 upon such terms as the board of directors of Oregon Community Power determines to be necessary or desirable. Amounts payable by Oregon Community Power under a financing agreement shall be limited to funds specifically pledged, budgeted for or otherwise made available by Oregon Community Power. If there are insufficient available funds to pay amounts due under a financing agreement, the lender may exercise any property rights that Oregon Community Power 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 Oregon Community Power under the financing agreement.
(2) Oregon Community Power may enter into a financing agreement only following adoption by the board of directors of a resolution authorizing the execution of the financing agreement or a series of similar financing agreements.
(3) Any obligation of any kind incurred by Oregon Community Power shall state on its face that it is solely an obligation of Oregon Community Power.

Legislative History

2007 c.807 §35