ORS 328.255¹
Registration of bonds and negotiable interest-bearing warrants
  • delivery
  • disposition of proceeds of sale of bonds
  • noncontestability

(1) The county treasurer or county fiscal officer shall register each school district bond, including refunding bonds, and negotiable interest-bearing warrants in a book kept for that purpose, noting the school district, amount, date, time and place of payment, rate of interest and such other facts as may be deemed proper. The county treasurer or fiscal officer shall cause the bonds or warrants to be delivered promptly to the purchasers thereof upon payment therefor, and if the place of delivery is outside the city in which the county treasurer or county fiscal officer’s office is situated the cost of delivery of the bonds or warrants shall be paid by the issuing school district.

(2) The county treasurer or county fiscal officer or a custodial officer as defined in ORS 294.004 (Definitions) may hold the proceeds of the sale of the bonds or warrants for all school districts subject to the order of the district school board to be used solely for the purpose for which the bonds or warrants were issued. If the treasurer or fiscal officer holds the proceeds initially, then the treasurer or fiscal officer, as soon as practicable, shall deliver the proceeds of the sale of the bonds and warrants to the person designated as custodian of the school district funds under ORS 328.441 (Custody and disbursement of school district funds).

(3) When the bonds or warrants have been so executed, registered and delivered, their legality shall not be open to contest by the school district, or by any person for or on its behalf, for any reason whatever. [Amended by 1953 c.236 §2; 1955 c.312 §1; 1965 c.100 §57; 1981 c.441 §1; 2003 c.226 §7]

Notes of Decisions

Since ORS 294.035 (Investment of surplus funds of political subdivisions) together with this sec­tion and ORS 328.441 (Custody and disbursement of school district funds) do not define county treasurer's invest­ment of school district proceeds as "use," treasurer's pooling of proceeds with those of other govern­ments for invest­ment was not "use" but was rather the manner in which treasurer exercised custody over funds. Urban Renewal Agency v. Swank, 54 Or App 591, 635 P2d 1344 (1981), Sup Ct review denied

Atty. Gen. Opinions

Designa­tion of county treasurer as custodian of district funds by certain school districts, (1974) Vol 36, p 827

1 Legislative Counsel Committee, CHAPTER 328—Local Financing of Education, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors328.­pdf (2007) (last ac­cessed Feb. 12, 2009).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 328, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­328ano.­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