Certain public bodies authorized to issue bonds to finance pension liabilities
- • revenue bonds
(1) The Legislative Assembly finds that authorizing issuance of revenue bonds to finance pension liabilities may reduce the cost of public pensions to taxpayers and that the reduction of those costs to taxpayers is a matter of statewide concern.
(2) Notwithstanding the limitation on indebtedness in ORS 287A.105 (Limitation on bonded indebtedness of county) or any other limitation on indebtedness or borrowing under state or local law, for the purpose of obtaining funds to pay the pension liability of a public body, the governing body of a public body may authorize and cause the issuance of revenue bonds under ORS chapter 287A.
(3) The governing body of a public body may pledge the full faith and credit and taxing power of the public body to the payment of the principal and interest on bonds issued under ORS 238.692 (Definitions for ORS 238.692 to 238.698) to 238.698 (Funds diversion agreement), and any premium on those bonds.
(4) Unless the charter of a county provides a lower limit, a county may issue revenue bonds to finance pension liabilities in an amount that does not exceed five percent of the real market value of the taxable property within the boundaries of the county.
(5) Revenue bonds authorized under this section need not comply with the procedure specified in ORS 287A.150 (Authority of public body to issue revenue bonds).
(6) A public body that issues revenue bonds under this section may also issue revenue bonds for the purpose of refunding the bonds.
(7) A public body may enter into indentures or other agreements with trustees or escrow agents for the issuance, administration or payment of bonds authorized under this section. [2001 c.945 §24; 2003 c.746 §8; 2005 c.443 §2; 2007 c.783 §78]
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