ORS 554.280
Resolution for serial coupon obligations

  • maturities
  • interest
  • retirement
  • recitals
  • fund for payment
  • assessments

(1)

For the purpose stated in ORS 554.270 (Purchase or lease of works and water rights), the board of directors shall by resolution determine and declare that the same is to the best interest of the corporation; briefly describe the purpose and object thereof and the amount of money required therefor; provide for, authorize and direct issuing the installment coupon obligations, describing and fixing the number of such obligations constituting the series and the denominations thereof; and shall adopt and prescribe the form and substance of such obligations. Each obligation shall bear the same series designation and be separately serially numbered, which series designation and serial number shall likewise appear upon each installment coupon attached. Coupons of each obligation shall be serially numbered in the order of their maturity and shall be so payable at a place designated in the bonds.

(2)

Interest at a rate determined by the board may be included and amortized for the retirement of both principal and interest as provided in the resolution and in this section. Every obligation shall recite that it is issued pursuant to such resolution and payable from a fund derived from annual assessments of the lands described in the articles of incorporation for such purpose, the proceeds of which are pledged for the payment, and that the corporation covenants to levy such assessments according to law and the resolution in amount sufficient, inclusive of estimated delinquencies, to pay the installment coupons thereto attached as they mature.

(3)

The resolution shall appropriately designate the fund. The board of directors shall thereafter on or before the time fixed in the bylaws determine and assess the amount necessary to be assessed at such time for payment of the installment coupons as they mature. Proceeds from such assessment shall constitute a fund which is pledged for payment of such obligations. The treasurer shall segregate and keep separate the proceeds of every assessment for such funds, and shall deposit the same in an insured institution as defined in ORS 706.008 (Additional definitions for Bank Act), in a separate account designating such fund. The district treasurer shall not disburse the same except as provided in this section. [Amended by 1969 c.694 §49; 1977 c.188 §11; 1981 c.94 §50; 1981 c.526 §8; 1997 c.631 §494; 2001 c.215 §32]

Source: Section 554.280 — Resolution for serial coupon obligations; maturities; interest; retirement; recitals; fund for payment; assessments, https://www.­oregonlegislature.­gov/bills_laws/ors/ors554.­html.

554.005
Filing requirements
554.007
Effective time and date of document
554.009
Correcting filed document
554.011
Penalty for signing false document
554.012
Forms
554.015
Filing duty of Secretary of State
554.016
Filing, service, copying and certification fees
554.017
Appeal from Secretary of State’s refusal to file document
554.018
Evidentiary effect of copy of filed document
554.019
Certificate of existence
554.020
Articles of incorporation
554.030
Evidence of corporate existence
554.040
Contents of articles
554.060
Challenge to validity of organization
554.070
Membership
554.080
Corporate existence
554.082
Registered office and registered agent
554.084
Change of registered office or registered agent
554.086
Resignation of registered agent
554.088
Service on corporation
554.090
Directors
554.100
Oath of office
554.110
Powers of directors
554.120
Records of proceedings of directors
554.130
Assessments
554.135
Alternative method for collecting assessments
554.140
Directors’ duty to institute proceedings to enforce lien
554.150
Action to compel assessment
554.160
Assessments to provide funds to meet obligations
554.170
Covenants by landowners
554.180
Landowners’ notice
554.190
Recording notice
554.200
Incurring indebtedness before notice recorded
554.210
Plans and specifications
554.220
Bonds
554.230
Bonds
554.240
Retirement of bonds
554.250
Refunding bonds
554.260
Contracts with governmental agencies or others for financial assistance or cooperative action
554.270
Purchase or lease of works and water rights
554.275
Activity of corporation as urban service
554.280
Resolution for serial coupon obligations
554.290
Warrants to pay claims
554.300
Amendment of articles
554.302
Dissolution of corporation by Secretary of State
554.305
Notice of grounds for dissolution
554.307
Reinstatement of dissolved corporation
554.309
Denial of reinstatement
554.315
Annual report
554.320
Exemption from taxation
554.340
Judicial determination of legality of proceedings
554.350
Service to lands outside district
554.375
Dissolution of district and reorganization as corporation
554.380
Articles of incorporation for corporation formed from dissolved district
554.385
Findings by board of reorganizing district
554.390
Dissolution of district and reorganization as corporation under ORS 554.320 and 554.375 to 554.390 prohibited after 2004
554.410
Applicability of ORS 554.005 to 554.340 to corporations organized under 1911 Act
554.420
Amendment of articles, and landowners’ notice, of corporation organized under 1911 Act
554.430
Applicability of 1911 Act, as amended, to corporations organized under that Act
554.440
Malheur Improvement Company
554.510
Authority to include or exclude lands
554.520
Application for inclusion or exclusion
554.530
Application
554.540
Meeting date
554.550
Notice of meeting
554.560
Quorum for meeting
554.570
Effect of exclusion on existing debts
554.580
Condition of approval of inclusion
554.590
Articles of amendment
Green check means up to date. Up to date