(2) Warrants so drawn in excess of the cash on hand in any such fund shall be stamped "Not Paid for Want of Funds" by the city treasurer, shall bear the legal interest from the date of such indorsement until the date of payment and shall be paid from the current receipts of the plant or system. The warrant indebtedness shall not be considered or construed to be within the charter limitations respecting any municipal debt.
(3) Warrants issued pursuant to this section shall be retired in the order of their presentation for indorsement "Not Paid for Want of Funds" as funds are available.
Structure 2021 Oregon Revised Statutes
Volume : 06 - Local Government, Public Employees, Elections
Chapter 225 - Municipal Utilities
Section 225.020 - Ownership and operation of utilities by city within and without city limits.
Section 225.050 - Joint construction, ownership and operation of waterworks; financing.
Section 225.080 - Financing costs of municipal waterworks or water system; benefit assessments.
Section 225.085 - Klamath Cogeneration Project; service contracts; prohibited transactions.
Section 225.220 - Enforcement of statutory requirements.
Section 225.230 - Rates set in accordance with estimates of annual expenses.
Section 225.280 - Warrants on future income; limitations; retirement.
Section 225.330 - Acquisition of property for facilities.
Section 225.370 - Terms of bonds.
Section 225.450 - Definitions for ORS 225.450 to 225.490.
Section 225.480 - City liability; application of moneys; use of eminent domain prohibited.