You can load an object repository at runtime with the RepositoriesCollection object from a function library.
Of course in reality it's still bound to the action that calls the function library.
Function libraries are essentially just subprocedures that you call from an action. Though you can engineer your framework to use them to replace reusable actions. So they inherit objects from the action.
Libraries usually are associated with test and aren't suppose to contain OR reference. But as you mentioned in some of the framework it does provide its benefit. In my recent meeting with the HP R&D team I had raised this concern already where the OR intellisense should be provided for such cases. I am not sure if it will come in next version or so. But we all can just hope for
Some people called the DP statements in a function OR, as this is what is used to recognize the objects. So when they talk about OR in function, it is possible that they mean the DP.
Some of the acronyms goes with the ‘territory’