ORS 223.285¹
Separate funds kept for moneys received
  • investments authorized

Any treasurer receiving any payments of final assessments or interest on unpaid installments by virtue of the Bancroft Bonding Act, shall account for the payments separately from other funds of the local government. The amount of the moneys paid on account of installments, interest on unpaid installments and late payment penalties or charges, shall be placed to the credit of a fund to be known and designated as "Bancroft Bond Redemption Fund" or in any designated account of the redemption fund that may be established by the local government under this section. All interest and principal due on bonds issued under ORS 223.235 (Issuance of bonds) shall be paid from the redemption fund or from a designated account of the redemption fund. The amount placed to the credit of the redemption fund or any account of the fund shall from time to time, under the direction of the governing body of the issuing local government, be invested as provided in ORS 294.035 (Investment of surplus funds of political subdivisions) or 294.805 (Definitions for ORS 294.805 to 294.895) to 294.895 (Board duties, generally). [Amended by 1975 c.495 §1; 1991 c.902 §22; 2003 c.802 §16]

Atty. Gen. Opinions

Applica­tion of Bancroft Bonding Act to weatheriza­tion of private homes and apart­ment buildings, (1980) Vol 41, p 58; applica­tion of Ballot Measure 47 (Oregon Constitu­tion Article XI, sec­tion 11g) to issuance of Bancroft bonds, (1996) Vol 48, p 67

Chapter 223

Notes of Decisions

Fact that ordinance, which charged fee to prop­erty owners taking advantage of privilege of making connec­tion to city wa­ter system, specified that pay­ment would be secured by liens which would be "enforced" in matter provided by this chapter did not, of itself, show that such charges were "assess­ments." Montgomery Brothers v. City of Corvallis, 34 Or App 785, 580 P2d 190 (1978)

Circuit court has jurisdic­tion to determine merits of assess­ment, but cannot address whether assess­ment is subject to constitu­tional limits on prop­erty taxes. Martin v. City of Tigard, 14 OTR 517 (1999), aff'd 335 Or 444, 72 P3d 619 (2003)

State statutory pro­ce­dures for financing local improve­ments are not exclusive and do not displace consistent local pro­ce­dures. Baker v. City of Woodburn, 190 Or App 445, 79 P3d 901 (2003), Sup Ct review denied

1 Legislative Counsel Committee, CHAPTER 223—Local Improvements and Works Generally, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­223.­html (2007) (last ac­cessed Feb. 12, 2009).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 223, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­223ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information