ORS 280.470
Covenants in bonds allowed


The official action authorizing the issuance of bonds under ORS 280.410 (Definitions for ORS 280.410 to 280.485) to 280.485 (Effect of ORS 280.410 to 280.485 on powers of city) to finance or refinance in whole or in part, the acquisition, construction, installation, reconstruction, improvement, betterment or extension of any eligible project may contain covenants, notwithstanding that such covenants may limit the exercises of powers conferred by ORS 280.410 (Definitions for ORS 280.410 to 280.485) to 280.485 (Effect of ORS 280.410 to 280.485 on powers of city) in the following respects and in such other respects as the city may decide:

(1)

The rents to be charged for the use of properties acquired, constructed, installed, reconstructed, improved, bettered or extended under the authority of ORS 280.410 (Definitions for ORS 280.410 to 280.485) to 280.485 (Effect of ORS 280.410 to 280.485 on powers of city);

(2)

The use and disposition of the revenues of such projects;

(3)

The creation and maintenance of sinking funds and the regulation, use and disposition thereof;

(4)

The creation and maintenance of funds to provide for maintaining the eligible project and replacement of properties depreciated, damaged, destroyed or condemned;

(5)

The purpose or purposes to which the proceeds of sale of bonds may be applied and the use and disposition of such proceeds;

(6)

The nature of mortgages or other encumbrances on the eligible project made in favor of the holder or holders of such bonds or a trustee therefor;

(7)

The events of default and the rights and liabilities arising thereon and the terms and conditions upon which the holders of any bonds may bring any suit or action on such bonds or on any coupons appurtenant thereto;

(8)

The issuance of other or additional bonds or instruments payable from or constituting a charge against the revenue of the eligible project;

(9)

The insurance to be carried upon the eligible project and the use and disposition of insurance moneys;

(10)

The keeping of books of account and the inspection and audit thereof;

(11)

The terms and conditions upon which any or all of the bonds shall become or may be declared due before maturity and the terms and conditions upon which such declaration and its consequences may be waived;

(12)

The rights, liabilities, powers and duties arising upon the breach by the municipality or redevelopment agency of any covenants, conditions or obligations;

(13)

The appointing of and vesting in a trustee or trustees of the right to enforce any covenants made to secure or to pay the bonds; the powers and duties of such trustee or trustees, and the limitation of their liabilities;

(14)

The terms and conditions upon which the holder or holders of the bonds, or the holders of any proportion or percentage of them, may enforce any covenants made under ORS 280.410 (Definitions for ORS 280.410 to 280.485) to 280.485 (Effect of ORS 280.410 to 280.485 on powers of city);

(15)

A procedure by which the terms of any official action authorizing bonds or of any other contract with bondholders, including but not limited to an indenture of trust or similar instrument, may be amended or abrogated, and the amount of bonds the holders of which may consent thereto, and the manner in which such consent may be given; and

(16)

The subordination of the security of any bonds issued under ORS 280.410 (Definitions for ORS 280.410 to 280.485) to 280.485 (Effect of ORS 280.410 to 280.485 on powers of city) and the payment of principal and interest thereof, to the extent deemed feasible and desirable by the city, to other bonds or obligations of the city issued to finance the eligible project or that may be outstanding when the bonds thus subordinated are issued and delivered. [1977 c.772 §13]

Source: Section 280.470 — Covenants in bonds allowed, https://www.­oregonlegislature.­gov/bills_laws/ors/ors280.­html.

280.040
Definitions for ORS 280.040 to 280.145
280.050
Providing funds for financing cost of services, projects, property and equipment
280.055
Obtaining and advancing of funds to county service districts
280.057
Local option taxes for community colleges
280.060
Levy of local option taxes outside constitutional limitation
280.064
Period for use of revenues raised by local option tax
280.070
Manner of holding elections for local option tax or permanent rate limit
280.075
Ballot statements for local option tax measures
280.080
Contents of order, resolution or ordinance calling election
280.090
Submission of several proposals to impose local option taxes
280.145
Serial levy under former law
280.150
Appropriating money and issuing bonds to construct, operate and maintain joint facilities
280.410
Definitions for ORS 280.410 to 280.485
280.415
Legislative findings
280.420
Eligibility of projects for financing
280.422
Exception to eligibility standards
280.424
Bond-financed single room occupancy rental housing to conform with federal law
280.425
City powers concerning property
280.430
Contractual powers of city
280.431
Required condition of purchase for low income single room occupancy housing project
280.432
Limitations on housing loans from bond proceeds
280.435
Limitation on city power
280.440
Authority to issue revenue bonds
280.445
Factors considered in determining whether to issue bonds
280.450
Issuance of bonds
280.455
Administrative expenses
280.460
Refunding bonds
280.465
Validity of bonds
280.470
Covenants in bonds allowed
280.475
Limitations of bonds
280.480
Powers and rights of bondholders
280.482
Report required
280.485
Effect of ORS 280.410 to 280.485 on powers of city
280.500
County economic development plan
280.505
Coordination of plan with other local governments and plans
280.508
County public purpose revolving loan fund
280.518
Display of information that program is financed by State Lottery
Green check means up to date. Up to date