1. (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:

   1. (a) The chairperson of the Oregon Transportation Commission or the chairperson’s designee;
   2. (b) The State Treasurer or State Treasurer’s designee; and
   3. (c) The chairperson of the Oregon Investment Council or the chairperson’s designee.
2. (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.

[1983 c.306 §3]