(1) Acquire by agreement, donation or exercise of eminent domain, construct and hold in whole or in part any lands, buildings, easements, water and air rights, improvements to lands and buildings and capital equipment to be located permanently or used exclusively on such lands or in such buildings, which are deemed necessary in connection with an eligible project to be situated within the city and construct, reconstruct, improve, better and extend such projects, and enter into contracts therefor.
(2) Sell and convey all properties acquired in connection with eligible projects, including without limitation the sale and conveyance thereof subject to any mortgage and the sale and conveyance thereof under an option granted to the lessee of the eligible project, for such price, and at such time as the city may determine. However, no sale or conveyance of such properties shall ever be made in such manner as to impair the rights of interests of the holder, or holders, of any bonds issued under the authority of ORS 280.410 to 280.485.
(3) Make or participate in the making of loans, including mortgage loans, to provide for the construction, substantial rehabilitation or permanent financing of eligible projects and undertake commitments to make such loans. Mortgage loans under this section may include loans for the development of multiple unit residential housing and low income single room occupancy housing to housing sponsors qualified under standards adopted by the city pursuant to ORS 280.410 to 280.485.
(4) For mortgage loans under subsection (3) of this section and ORS 280.430 (5), purchase and sell those mortgage loans at public or private sale; modify or alter such mortgages; foreclose on any such mortgage or security interest or commence any action to protect or enforce any right conferred upon the city by any law, mortgage, security, agreement, contract or other agreement and bid for and purchase property that is subject to such mortgage or security interest at any foreclosure or other sale; acquire or take possession of any such property and complete, administer, pay the principal and interest on any obligations incurred in connection with such property and dispose of such property in such a manner as the city determines necessary to protect its interest under ORS 280.410 to 280.485. [1977 c.772 §5; 1979 c.865 §3; 1981 c.368 §3; 2003 c.286 §3]
Structure 2021 Oregon Revised Statutes
Volume : 07 - Public Facilities and Finance
Section 280.040 - Definitions for ORS 280.040 to 280.145; use of certain tax revenues.
Section 280.057 - Local option taxes for community colleges; maximum amount.
Section 280.064 - Period for use of revenues raised by local option tax.
Section 280.075 - Ballot statements for local option tax measures.
Section 280.080 - Contents of order, resolution or ordinance calling election.
Section 280.410 - Definitions for ORS 280.410 to 280.485.
Section 280.415 - Legislative findings.
Section 280.420 - Eligibility of projects for financing; standards; ordinance for applications.
Section 280.425 - City powers concerning property.
Section 280.430 - Contractual powers of city; requirements for project loans and leases.
Section 280.440 - Authority to issue revenue bonds.
Section 280.445 - Factors considered in determining whether to issue bonds.
Section 280.470 - Covenants in bonds allowed.
Section 280.475 - Limitations of bonds; recitals.
Section 280.480 - Powers and rights of bondholders.
Section 280.500 - County economic development plan; criteria.
Section 280.505 - Coordination of plan with other local governments and plans.
Section 280.508 - County public purpose revolving loan fund.