2021 Oregon Revised Statutes
Chapter 280 - Financing of Local Public Projects and Improvements; City and County Economic Development
Section 280.475 - Limitations of bonds; recitals.


(a) Shall not be payable from nor charged upon any funds other than the revenue pledged to the payment thereof, except as provided in this section, nor shall the city be subject to any liability thereon. No holder or holders of such bonds shall ever have the right to compel any exercise of the taxing power of the city to pay any such bonds or the interest thereon, nor to enforce payment thereof against any property of the city except those projects or portions thereof, mortgaged or otherwise encumbered under the provisions and for the purposes of ORS 280.410 to 280.485.
(b) Shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the city, except those eligible projects, or portions thereof, mortgaged or otherwise encumbered, under the provisions and for the purposes of ORS 280.410 to 280.485.
(2) Each bond issued under ORS 280.410 to 280.485 shall recite in substance that the bond, including interest thereon, is payable solely from the revenue pledged to the payment thereof, and that no such bond shall constitute a debt of the city or a lending of the credit of the city within the meaning of any constitutional or statutory limitation. However, nothing in ORS 280.410 to 280.485 is intended to impair the rights of holders of bonds to enforce covenants made for the security thereof as provided in ORS 280.480. [1977 c.772 ยง14]

Structure 2021 Oregon Revised Statutes

2021 Oregon Revised Statutes

Volume : 07 - Public Facilities and Finance

Chapter 280 - Financing of Local Public Projects and Improvements; City and County Economic Development

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 280.060 - Levy of local option taxes outside constitutional limitation; duration of levy; approval of levy as approval of bonds.

Section 280.064 - Period for use of revenues raised by local option tax.

Section 280.070 - Manner of holding elections for local option tax or permanent rate limit; additional statement in ballot title.

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 280.432 - Limitations on housing loans from bond proceeds; discrimination; relocation; conversion.

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.