1. (1) A board, for any lawful purpose of the commission, without the necessity of any assent by electors, local governments or any other governmental entity, may by resolution or ordinance provide for the issuance and sale of:

   1. (a) Revenue bonds or other debt instruments paid from and secured by all or any revenue of the commission;
   2. (b) Short-term obligations, notes, warrants or other debt instruments in anticipation of any grant receipts from the federal government, a state government or a local government or other receipts of the commission; and
   3. (c) Revenue refunding bonds or other refunding debt instruments for the purpose of redeeming, refinancing, extending or unifying, in whole or in part, outstanding bonds or other debt instruments.
2. (2) To the extent permitted by federal law, bonds and other debt instruments of the commission may be issued as taxable bonds or as tax-exempt bonds under the income tax laws of the United States. Notwithstanding the status of the bonds or other debt instruments for federal income tax purposes, interest paid to the owners of the bonds or other debt instruments of the commission is exempt from personal income taxes imposed by the State of Oregon or any political subdivision, district or municipality thereof.

3. (3) If the applicable laws under ORS 381.745 are those of the State of Oregon, the commission as a public body may issue and sell:

   1. (a) Revenue bonds or other debt instruments under ORS 287A.150;
   2. (b) Debt instruments to refund outstanding debt instruments under ORS 287A.150 (6) and 287A.360 to 287A.380; and
   3. (c) Short-term obligations under ORS 287A.180.
4. (4) If the applicable laws under ORS 381.745 are those of the State of Oregon, the commission as a public body shall administer bonds and other debt instruments under ORS 287A.300 to 287A.380, provided that the commission may not issue a general obligation bond or pledge any taxing power to an obligation.

5. (5)

   1. (a) The commission may enter into one or more agreements with a federal agency for grants, loans, advances, credit enhancements or other contributions subject to the applicable federal law.
   2. (b) If the commission enters into an agreement under paragraph (a) of this subsection, the commission is not required to comply with otherwise applicable state statutes that conflict with the applicable federal law.

6. (6) For the benefit of any holders of bonds or debt instruments that are outstanding or otherwise authorized by a commission:

   1. (a) The board shall continue in effect toll rates and other charges that satisfy ORS 381.702 to 381.755 and the covenants made by the commission, and may not take any action or inaction to impair the board’s ability to do so; and
   2. (b) The State of Oregon, the State of Washington and local governments may not take any action that impairs, diminishes or affects adversely the interest and rights of the holders of bonds or debt instruments of the commission.

[2022 c.7 §11]