ORS 328.260
Tax levy to pay interest and principal of bonds

  • use of funds derived from tax

(1)

The district school board shall ascertain and levy annually, in addition to all other taxes, a direct ad valorem tax on all the taxable property in the school district, sufficient to pay the maturing interest and principal of all serial school district bonds promptly when and as such payments become due. The amount of the tax may be increased by an amount sufficient to retire any bonds that may be callable. The board shall in each year include the taxes in the school district budget for such year. The taxes shall in each year be certified, extended upon the tax rolls and collected by the same officers in the same manner and at the same time as the taxes for general county purposes.

(2)

The funds derived from the tax levies may be retained by the county treasurer or county fiscal officer without being paid to the school district or may be held in trust by an insured institution or trust company, as defined in ORS 706.008 (Additional definitions for Bank Act), designated by the district to hold the funds. The funds shall be kept in a separate fund to be known as and designated “School District No. ___ Bond Interest and Sinking Fund,” which shall be irrevocably pledged to and used solely for the payment of the interest accruing on and the principal of the bonds when due, so long as any of the bonds or the coupons thereto appertaining remain outstanding and unpaid. The interest earnings of the fund shall be credited thereto and become a part thereof. For failure to retain and account for such funds, as provided in this section, the county treasurer, county fiscal officer or insured institution or trust company designated by the district shall be liable upon the official bond of the treasurer, other officer or institution, respectively.

(3)

The fund shall not be diverted or used for any other purpose; but if a surplus remains after all interest and principal have been paid on all serial school district bonds then outstanding and unpaid, the surplus may be transferred to such other fund as the district school board may direct. [Amended by 1955 c.467 §1; 1965 c.100 §57a; 1981 c.441 §2; 1985 c.762 §184; 1997 c.631 §461]

Source: Section 328.260 — Tax levy to pay interest and principal of bonds; use of funds derived from tax, https://www.­oregonlegislature.­gov/bills_laws/ors/ors328.­html.

328.001
Definitions for chapter
328.005
County school fund
328.015
Apportionment to districts
328.030
Partial apportionments
328.045
Apportionment of excess amounts
328.105
Sources
328.110
Custodian of fund
328.115
Loan of fund and rental of lands
328.120
Board of Douglas County School Fund commissioners
328.125
Law concerning Common School Fund to apply
328.130
Loans to be made in name of treasurer
328.135
Fees for services of county officers
328.140
Sale, rental or lease of property
328.155
Sources
328.160
Custodian of fund
328.165
Investment and loan of fund and rental of lands
328.170
Directors as fund commissioners
328.175
Laws governing loans of Common School Fund to apply
328.180
Loans to be made in name of clerk
328.185
Fees for services of clerk
328.190
Sale and conveyance of property
328.205
Power to contract bonded indebtedness
328.210
Bond elections
328.213
Issuance of negotiable interest-bearing warrants
328.230
Issuance of bonds upon favorable vote
328.240
Place of payment
328.245
Limitation on bonded debt of districts generally
328.250
Limitation on bonded indebtedness of enlarged or reorganized school districts
328.255
Registration of bonds and negotiable interest-bearing warrants
328.260
Tax levy to pay interest and principal of bonds
328.265
School district bond tax levied by county
328.270
Payment of principal and interest
328.275
Redemption and payment of bonds
328.280
Funding or refunding district indebtedness
328.284
Funds diversion agreement related to payment on revenue bonds
328.295
Issuance of bonds and interest-bearing warrants
328.300
Marketing bonds jointly or through association
328.304
County education bond district
328.316
Impact aid revenue bonds
328.318
Funds required for impact aid revenue bonds
328.321
Definitions for ORS 328.321 to 328.356
328.326
State guaranty of school bonds allowed
328.331
Certificate evidencing qualification for state guaranty
328.336
Determination of ineligibility
328.341
Transfer by school districts or State Treasurer of moneys to pay debt service on school bonds
328.346
Recovery from school districts of payments on school bonds by State Treasurer
328.348
Security for school bond obligations
328.351
Powers of State Treasurer when state funds are insufficient for payment of debt service
328.356
State Treasurer subject to provisions regarding issuance of general obligation bonds
328.361
Short title
328.441
Custody and disbursement of school district funds
328.445
Disbursement of school funds by check or warrant
328.450
School warrant procedure
328.460
Cancellation of school warrants not presented for payment within seven years
328.465
Annual audit procedure
328.467
Audit determinations
328.470
Purchase of automotive equipment
328.542
Preparation of district budget
328.555
Property liable for district indebtedness
328.565
Power to create indebtedness
328.570
Division of district into tax zones
328.573
Notice of public hearing on tax zones
328.576
Public hearing
328.579
Determination of tax in zones
Green check means up to date. Up to date