ORS 271.390
Lease or purchase of real estate by public body or council of governments

  • financing agreement

(1)

As used in this section:

(a)

“Council of governments” means a council of governments or other similar entity created prior to the enactment of ORS 190.010 (Authority of local governments to make intergovernmental agreement) (5) on September 29, 1991.

(b)

“Public body” has the meaning given that term in ORS 287A.001 (Definitions for ORS chapter 287A).

(c)

“Real or personal property” means land, improvements to land, structures, fixtures, personal property, including furnishings, equipment and computer software purchases and licenses, and any costs that may be capitalized under generally accepted accounting principles and treated as costs of personal property.

(2)

A public body or a council of governments may enter into contracts for the leasing, rental or financing of any real or personal property that the governing body of the public body or council of governments determines is needed, including contracts for rental, long term leases under an optional contract for purchase, financing agreements with vendors, financial institutions or others, or for purchase of any property. Contracts made by a public body or a council of governments are subject to the terms of its charter, intergovernmental agreement or other organizing document, if applicable. If authorized by the governing body, the contracts may:

(a)

Provide that the obligations of the public body or council of governments under the contract is secured by a mortgage on or other security interest in the property to be leased, rented, purchased or financed under the contract.

(b)

Provide that the obligations of the public body or council of governments under the contract are payable out of all or any portion of lawfully available funds of the public body or council of governments, and lawfully available funds may be pledged to the payment of those obligations.

(c)

If authorized by the charter, intergovernmental agreement or other organizing document of the public body or council of governments, contain a covenant on the part of the public body or council of governments to budget and appropriate in each fiscal year, in accordance with law, sums sufficient to pay when due the amounts owing under the contract.

(d)

Provide for the issuance of certificates of participation in the payment obligations of the public body or council of governments under the contract and contain other covenants, agreements and provisions determined to be necessary or appropriate in order to better secure the obligations of the public body or council of governments.

(3)

The lien of the pledge, mortgage or security interest is valid and binding from the time of entering into the contract. The revenue or property is immediately subject to the lien without physical delivery, filing or other act, and the lien is superior to all other claims and liens of any kind whatsoever. Subject to the terms, provisions and limitations of the contract, the lien may be foreclosed by a proceeding brought in the circuit court of the county in which the public body, or the greater part thereof, or the main office of the council of governments is located, and any tangible real or personal property subject to the lien may be sold upon the order of the court. The proceeds of the sale must be applied first to the payment of the costs of foreclosure and then to the amounts owing under the contract, with any balance being paid to the public body or council of governments. The authority granted by this section is in addition to, and not in lieu of, any other statutory or charter authority.

(4)

A public body or council of governments that has entered into a lease purchase or installment purchase agreement may enter into a financing agreement to refinance the obligations of the public body or council of governments under the lease purchase or installment purchase agreement.

(5)

The estimated weighted average life of a financing contract executed under this section may not exceed the estimated dollar weighted average life of the real or personal property that is financed with the contract. [Amended by 1995 c.333 §2; 1997 c.171 §7; 1999 c.559 §1; 2003 c.195 §8; 2005 c.443 §3; 2007 c.783 §89]

Source: Section 271.390 — Lease or purchase of real estate by public body or council of governments; financing agreement, https://www.­oregonlegislature.­gov/bills_laws/ors/ors271.­html.

271.005
Definitions for ORS 271.005 to 271.540
271.080
Vacation in incorporated cities
271.090
Filing of petition
271.100
Action by city governing body
271.110
Notice of hearing
271.120
Hearing
271.130
Vacation on city governing body’s own motion
271.140
Title to vacated areas
271.150
Vacation records to be filed
271.160
Vacations for purposes of rededication
271.170
Nature and operation of statutes
271.180
Vacations in municipalities included in port districts
271.190
Consent of owners of adjoining property
271.200
Petition
271.210
Hearing
271.220
Filing of objections
271.230
Records of vacations
271.300
Application and administration of ORS 271.300 to 271.360
271.310
Transfer or lease of real property owned or controlled by political subdivision
271.320
Exchange of trust fund assets
271.330
Relinquishing title of property not needed for public use
271.335
Relinquishing reversionary interest held by political subdivision
271.340
Property valuation in exchange to be equal
271.350
Determining valuation of property in exchanges
271.360
Lease requirements
271.375
Public grazing lands
271.380
Indemnifying political subdivision for loss or damage resulting from occupancy of its property
271.390
Lease or purchase of real estate by public body or council of governments
271.400
Conveyances by political subdivision to state
271.405
Transfer of property by city or town to county for public institutions and works
271.410
Use of municipal property for rodeos, games, racing and exhibitions
271.420
City bonds as payment for land sold by city
271.430
Lease of space above or below street or highway
271.440
Agreements for location of transmission lines on property of political subdivision
271.445
Installation of fiber-optic lines on public land and in public right of way
271.510
Definition of “industrial facility” for ORS 271.510 to 271.540
271.520
Declaration of legislative purpose
271.530
Powers of counties and cities to acquire and dispose of industrial facilities
271.540
County or city operation of industrial facility
271.600
Use of term “squaw”
271.715
Definitions for ORS 271.715 to 271.795
271.725
Acquisition and creation of conservation or highway scenic preservation easement
271.729
Report on effect of conservation or highway scenic preservation easement on property value
271.735
Hearing
271.745
Validity of conservation or highway scenic preservation easement
271.755
Action affecting conservation or highway scenic preservation easement
271.765
Applicability
271.775
Rules governing conservation and highway scenic preservation easements
271.785
Taxation of property subject to highway scenic preservation easement
271.795
Construction of Act
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