(b) The paying agent may, if instructed to do so by the school district, invest the moneys for the benefit of the school district until the payment date.
(c) A school district that is unable to transfer the scheduled debt service payment to the paying agent 15 days before the payment date shall immediately notify the paying agent and the State Treasurer by:
(A) Telephone;
(B) A writing sent by facsimile transmission; and
(C) A writing sent by first class mail.
(2) If sufficient funds are not transferred to the paying agent as required by subsection (1) of this section, the paying agent shall notify the State Treasurer of that failure at least 10 days before the scheduled debt service payment date by:
(a) Telephone;
(b) A writing sent by facsimile transmission; and
(c) A writing sent by first class mail.
(3)(a) If sufficient moneys to pay the scheduled debt service payment have not been transferred to the paying agent, the State Treasurer shall, on or before the scheduled payment date, transfer sufficient moneys to the paying agent to make the scheduled debt service payment.
(b) The payment by the State Treasurer:
(A) Discharges the obligation of the issuing school district to its bondholders for the payment; and
(B) Transfers the rights represented by the general obligation of the school district from the bondholders to the state.
(c) The school district shall pay to the State Treasurer all amounts paid by the treasurer to the paying agent, as well as interest, penalties and any additional costs incurred by the treasurer, as provided in ORS 328.346. [1997 c.614 §6; 1999 c.251 §5]
Note: See note under 328.321.