Or. Rev. Stat. § 391.605
Limitations on transfer to metropolitan service district
Oregon · Oregon Revised Statutes Chapter 391 — Mass Transportation · Status: effective
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- Citation
- Or. Rev. Stat. § 391.605, Limitations on transfer to metropolitan service district, Oregon, version 1 as recorded 2026-10-04, yourstate.us, https://yourstate.us/provision/2504100
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Full text
(1) No transfer authorized by ORS 267.020 of a mass transit district system to a metropolitan service district shall take effect while bonds issued by the Oregon Mass Transportation Financing Authority to finance mass transit facilities for the district are outstanding until a plan designed to repay any outstanding bonds when due is prepared by the governing body of the metropolitan service district and approved by:
(a) The chairperson of the Oregon Transportation Commission or the chairperson’s designee;
(b) The State Treasurer or State Treasurer’s designee; and
(c) The chairperson of the Oregon Investment Council or the chairperson’s designee.
(2) Persons given authority to approve a transfer under subsection (1) of this section may only refuse to approve a transfer for reasons relating to the financial effect of the transfer.