ORS 224.380
Limitations on authority of State Treasurer to purchase bonds

The State Treasurer may purchase sewerage bonds from a municipality or sanitary district at private sale if the municipality or district does not receive any bids for the bonds, or if bids received therefor are unsatisfactory. General obligation sewer bonds or sewerage system bonds, other than those issued pursuant to applications to pay assessments in installments, may be purchased by the State Treasurer under the provisions of ORS 224.310 (Definitions for ORS 224.310 to 224.420) to 224.420 (Duty of local treasurer to keep funds separate and withhold bond payments) only if the revenues of the sewerage system of the issuing municipality or district, or both, after the payment of operation and maintenance expenses, are pledged wholly to the payment of the principal of and the interest upon the said bonds, and the municipality and the sanitary district, if any, served by the sewerage system of a municipality covenant to levy ad valorem taxes upon all of the taxable property within their corporate limits to meet deficiencies in such revenues for such purposes, and only if the combined indebtedness for all public purposes, other than state or federal, within the boundaries of the municipality, including the proposed sewerage system indebtedness, but excluding obligations issued for other utilities that are self-supporting or self-liquidating or are approximately so, does not exceed 12-1/2 percent of the real market value of all property that is by law assessable for state and county purposes within the limits of the municipality. Notwithstanding that such revenues may have been pledged to the payment of the principal of and the interest upon a particular issue of general obligation bonds owned by the state, the same revenues, with the approval of the State Treasurer, may be pledged to the payment of the principal of and the interest on additional issues of such bonds purchased by the state from the municipality or district. The additional issues shall be on a parity with previous issues as to the pledge of such revenues for such purposes. Municipalities may provide that receipts from the payment of assessments levied under authority of chapter 593, Oregon Laws 1955, and the interest thereon shall be applied to payment of the principal of and the interest upon their general sewerage system bonds issued under authority of chapter 593, Oregon Laws 1955, rather than issue Bancroft or assessment bonds pursuant to such assessments. In order to complete the financing of a sewerage system, the State Treasurer may purchase issues of general obligation sewerage system bonds of municipalities or sanitary districts, payable only from ad valorem property taxes, provided the issues do not exceed the debt limits specified in this section. If, in addition to the net revenues of the sewerage system of the issuing municipality, the net revenues of the municipality-owned water system of the municipality that may become available in not more than five years from the issue date of the sewerage system bonds also are pledged to the said bonds, and the municipality further covenants to levy ad valorem taxes upon all the taxable property within its corporate limits to meet deficiencies in sewerage system and water system revenues for such purposes, the sewerage system bonds of the municipality may be purchased by the State Treasurer, provided the combined indebtedness for all purposes within the boundaries of the municipality, including the proposed sewerage system indebtedness, but excluding obligations issued for other utilities that are self-supporting or self-liquidating or are approximately so, does not exceed 15-3/8 percent of the real market value of the property within the limits of the municipality. This limitation shall include the ratios of indebtedness to real market value of other subdivisions that overlap the municipality to an extent of more that 12-1/2 percent of the real market value of all the taxable property of the municipality. [Amended by 1953 c.287 §9; 1955 c.593 §4; 1967 c.293 §26; 1991 c.459 §353]

Source: Section 224.380 — Limitations on authority of State Treasurer to purchase bonds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors224.­html.

224.010
Definitions for ORS 224.010 to 224.170 224.020
Authority of city to construct sewer system 224.030
Authority of city over water and waterways 224.040
Assessment of property 224.050
Rights of owners outside city limits 224.065
Writ of review 224.080
Record and effect of judgment 224.090
Assessment lien on property outside city limits 224.100
Records and indexes of transcripts 224.110
Enforcing liens on property outside city limits 224.120
Sale without foreclosure 224.130
Assessment of property in drainage district 224.140
Authority to control sewer system 224.150
Federal aid 224.160
Procurement of funds for construction 224.170
Certain laws and charter provisions applicable to property beyond city limits 224.232
Bond election 224.270
Validation of bond issues 224.310
Definitions for ORS 224.310 to 224.420 224.320
Municipalities eligible for state help in financing sewerage systems 224.330
Conditions precedent to financing application 224.340
Bonds 224.350
General powers of State Treasurer under ORS 224.310 to 224.420 224.370
Municipality or district not to issue other bonds 224.380
Limitations on authority of State Treasurer to purchase bonds 224.390
State Sewer Bond Revolving Fund 224.400
Approval by State Treasurer of rates, collection of charges and delinquent assessments 224.410
Authority to appoint receiver and withhold moneys from state sources on default 224.420
Duty of local treasurer to keep funds separate and withhold bond payments 224.450
Validation of revenue bonds issued by cities of less than 100,000 224.510
Sewage charge on water users
Green check means up to date. Up to date

Current through early 2024

§ 224.380’s source at oregon​.gov