(a) Finance agricultural projects determined eligible for financing under ORS 285A.420 to 285A.435;

(b) Refund bonds issued for the program; or

(c) Pay bond-related costs and other costs related to loans approved under ORS 285A.420 to 285A.435.

(2) If the State Treasurer issues the revenue bonds pursuant to this section:

(a) The State Treasurer shall:

(A) Issue the revenue bonds in the name of the State of Oregon in the manner provided by ORS chapter 286A; and

(B) Identify the revenue bonds to the agricultural projects financed by the revenue bonds.

(b) The State Treasurer or the department shall designate the trustee, financial advisor and bond counsel, if any, and enter into appropriate agreements with each to carry out ORS 285A.420 to 285A.435. The powers conferred on a related agency under ORS chapter 286A with respect to the designation of trustee, financial advisor and bond counsel do not apply to revenue bonds issued under this section.

(3) A trustee designated to carry out provisions of ORS 285A.420 to 285A.435 must agree to make reports as required by the State Treasurer or the department.

(4) The State Treasurer may charge administrative expenses of the State Treasurer against proceeds of the revenue bonds or eligible revenues of agricultural projects.

(5) The State Treasurer is the elected representative for purposes of approving the issuance of revenue bonds under ORS 285A.420 to 285A.435 to the extent that approval is required under section 147(f) of the Internal Revenue Code.

(6) The validity of revenue bonds authorized by ORS 285A.420 to 285A.435 is not dependent on or affected by the validity or regularity of proceedings relating to the acquisition, purchase, construction, reconstruction, installation, improvement, betterment, extension, management, operation or funding of the agricultural project for which revenues bonds are issued. The revenues bonds must contain a recital that the bonds are issued pursuant to this section and the recital is conclusive evidence of the validity and the regularity of the issuance of the bonds.

(7) Revenue bonds issued under this section are not:

(a) Secured by, payable from and chargeable to moneys other than the eligible revenue of agricultural projects that are pledged to pay the revenue bonds.

(b) A liability of the State of Oregon. A holder or owner of the revenue bonds may not compel an exercise of the taxing power of the state to pay the revenue bonds or the interest on the revenue bonds or enforce payment of the revenue bonds against property of the state except the eligible revenue of an agricultural project.

(c) A charge lien or encumbrance, legal or equitable, upon property of the state, except the eligible revenue of an agricultural project.

(8) Bonds issued under this section must contain a recital that:

(a) The revenue bonds and interest on the revenue bonds are payable solely from the eligible revenue of an agricultural project.

(b) The revenue bonds do not constitute a debt of the state or a lending of the credit of the state within the meaning of any constitutional or statutory limitation.

(9) The holders or owners of revenue bonds issued under this section, or a trustee, may, if permitted by the documents associated with the revenue bonds:

(a) By action or proceeding for legal or equitable remedies, enforce rights granted against, and compel the performance of duties and obligations of, the State of Oregon or its officers, agents or employees.

(b) By action require the state to account as if it were the trustee of an express trust.

(c) By action enjoin any acts or things that are unlawful or in violation of a right of the bondholders.

(d) Bring action upon the revenue bonds.

(e) Exercise rights or remedies conferred by ORS 285A.420 to 285A.435 in addition to and not in lieu of any other right or remedy conferred by ORS 285A.420 to 285A.435 or any other law of this state. [2013 c.742 §4]

Note: See note under 285A.420.