2015 ORS § 777.590¹
Authority to issue and sell revenue bonds
  • leasing property and pledging revenues

(1) ORS 777.560 (Ports may issue and sell revenue bonds) to 777.590 (Authority to issue and sell revenue bonds) are complete authority for the issuance and sale of revenue bonds and refunding revenue bonds. Any restrictions, limitations, conditions or procedure provided by other statutes relating to issuance and sale of bonds or other obligations do not apply to the issuance and sale of revenue bonds and refunding revenue bonds under ORS 777.560 (Ports may issue and sell revenue bonds) to 777.590 (Authority to issue and sell revenue bonds).

(2) The lease of any property of the port and the pledging of revenues therefrom to the payment of the costs and expenses enumerated by ORS 777.560 (Ports may issue and sell revenue bonds), and to the payment of principal and interest on bonds issued and sold under ORS 777.560 (Ports may issue and sell revenue bonds) to 777.590 (Authority to issue and sell revenue bonds), shall be considered to further the public interest within the meaning of ORS 271.310 (Transfer or lease of real property owned or controlled by political subdivision). [1955 c.423 §8; 1959 c.337 §7; 1965 c.223 §8; 1971 c.728 §91; 2005 c.443 §27]

Note: Sections 24 and 25, chapter 812, Oregon Laws 2015, provide:

Sec. 24. (1) For the biennium beginning July 1, 2015, at the request of the Oregon Department of Administrative Services, after the department consults with the Port of Umatilla, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $1.5 [bad link] million in net proceeds and interest earnings for the purpose described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section in an amount sufficient to provide $1.5 [bad link] million in net proceeds and interest earnings must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) for distribution to the Port of Umatilla for the purpose of funding the construction of the Eastern Oregon Trade and Event Center in Hermiston.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that the Eastern Oregon Trade and Event Center will facilitate and encourage regional economic development by promoting trade and tourism. [2015 c.812 §24]

Sec. 25. (1) For the biennium beginning July 1, 2015, at the request of the Oregon Department of Administrative Services, after the department consults with the Port of Morrow, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $1.6 [bad link] million in net proceeds and interest earnings for the purpose described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section in an amount sufficient to provide $1.6 [bad link] million in net proceeds and interest earnings must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) for distribution to the Port of Morrow for the purpose of creating an early childhood learning center at the workforce training center at the Port of Morrow.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) More Oregonians will attend workforce training if early education options are available for their children. Greater numbers of Oregonians who are trained in workforce skills will lead to enhanced economic development.

(b) Early education is a necessary component of a climate that facilitates and encourages economic development. [2015 c.812 §25]

Note: Sections 28 and 28a, chapter 812, Oregon Laws 2015, provide:

Sec. 28. (1) For the biennium beginning July 1, 2015, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $1,562,157 in net proceeds and interest earnings for the purpose described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section in an amount sufficient to provide $1,562,157 in net proceeds and interest earnings must be transferred to the Oregon Business Development Department for deposit in the Brookings Harbor Dock Fund established under section 28a of this 2015 Act for distribution to the Port of Brookings Harbor for the purpose of repairing and improving docks owned by the port.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) Docks are an integral part of the commercial and industrial infrastructure of this state.

(b) Repair and improvement of docks will promote economic development within this state. [2015 c.812 §28]

Sec. 28a. (1) The Brookings Harbor Dock Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned on moneys in the Brookings Harbor Dock Fund shall be credited to the fund. The Brookings Harbor Dock Fund consists of moneys deposited in the fund under section 28 of this 2015 Act and may include fees, revenues or other income deposited into the fund by the Legislative Assembly.

(2) Moneys in the fund are continuously appropriated to the Oregon Business Development Department for purposes described in section 28 of this 2015 Act. [2015 c.812 §28a]