ORS 287A.050
Authority of city to issue general obligation bonds


(1)

Upon approval of the electors of a city, the city may issue general obligation bonds to finance:

(a)

Capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution.

(b)

Capital costs permitted by Article XI, section 11L, of the Oregon Constitution.

(2)

Unless the city charter provides a lesser limitation, a city may not issue or have outstanding at the time of issuance general obligation bonds in a principal amount that exceeds three percent of the real market value of the taxable property within its boundaries, calculated as provided in ORS 308.207 (Computation of real market value for taxing or bonding limitations).

(3)

The limitation described in subsection (2) of this section does not apply to general obligation bonds issued:

(a)

To finance the costs of local improvements assessed and paid for in installments under statutory or charter authority.

(b)

To finance capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution, or to finance capital costs permitted by Article XI, section 11L, of the Oregon Constitution, for:

(A)

Water supply, treatment or distribution;

(B)

Sanitary or storm sewage collection or treatment;

(C)

Hospitals or infirmaries;

(D)

Gas, power or lighting; or

(E)

Off-street motor vehicle parking facilities. [2007 c.783 §43; 2013 c.491 §3]

Source: Section 287A.050 — Authority of city to issue general obligation bonds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html.

Law Review Citations

50 WLR 619 (2014)

287A.001
Definitions for ORS chapter 287A
287A.010
Powers conveyed to public bodies
287A.050
Authority of city to issue general obligation bonds
287A.100
Authority of county to issue general obligation bonds
287A.105
Limitation on bonded indebtedness of county
287A.140
Ad valorem tax levy to pay general obligation bonds
287A.145
Misspent proceeds of general obligation bonds
287A.150
Authority of public body to issue revenue bonds
287A.180
Short-term borrowing by public body
287A.195
Compliance with constitutional or statutory debt limits
287A.300
Terms and conditions of bond sales
287A.310
Definitions for ORS 287A.310 and 287A.315
287A.315
Pledge of full faith and credit and taxing power
287A.325
Covenants of public bodies regarding pledges
287A.335
Agreements for exchange of interest rates
287A.339
Termination payment of conduit borrower
287A.340
Credit enhancement devices
287A.343
Public body purchase of own bonds
287A.345
State taxation of bond interest
287A.350
Public records
287A.360
Current refunding bonds
287A.365
Advance refunding bonds and forward current refunding
287A.370
Proposed refunding plan for advance refunding bonds or forward current refunding
287A.375
Maximum amount of advance refunding bonds
287A.380
Tax levy to pay maturing general obligation advance refunding bonds
287A.472
Interest on municipal warrants not paid on presentation
287A.474
Warrants and checks more than two years old
287A.482
Definitions for ORS 287A.482 to 287A.488
287A.484
Master warrant procedure authorized if warrants would be not paid
287A.486
Procedure
287A.488
Taxes must be levied for payment of claims included in master warrant
287A.630
Oregon Municipal Debt Advisory Commission
287A.632
Meetings
287A.634
Powers and duties of commission
287A.640
Notice to commission of proposed issues
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