Oregon Business Development Department
Chapter 123
Division 52
BEGINNING AND EXPANDING FARMER LOAN
PROGRAM (“AGGIE BONDS”)
123-052-2100
Security for Aggie Bonds
(1) Each Aggie Bond will be a special, limited obligation of the State of Oregon that is payable solely from the Eligible Revenue paid to the lender as provided in the Lender Documents
(2) As required by ORS 285A.420 to 285A.435, the Aggie Bonds are not:
(a) Secured by, payable from or chargeable to moneys other than the Eligible Revenue that is committed to pay the Aggie Bonds;
(b) A liability of the State of Oregon. No lender or other owner of an Aggie Bond may: compel an exercise of the taxing power of the State of Oregon to pay any Aggie Bonds or the interest on any Aggie Bonds or enforce payment of any Aggie Bonds against any property of the State of Oregon except the Eligible Revenue that is committed to pay the Aggie Bond.
(c) A charge lien or encumbrance, legal or equitable, upon any property of the State of Oregon, except the Eligible Revenue that is committed to pay an Aggie Bond.
(3) No Aggie Bond shall be a general obligation of the Department, the State of Oregon, or any department, agency, or political subdivision of the State of Oregon.
(4) The full faith and credit of the Department or the State of Oregon or any department, agency, or political subdivision of the State of Oregon shall not be pledged for the payment of any Aggie Bond.
Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013
Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013
History:
OBDD 3-2015, f. & cert. ef. 2-24-15