2017 ORS 285B.365¹
Limitations of bonds
  • recitals

(1) Revenue bonds issued under ORS 285B.320 (Purpose of ORS 285B.320 to 285B.371) to 285B.371 (State interest in eligible projects not necessary for loans):

(a) Shall not be payable from nor charged upon any funds other than the revenue pledged to the payment thereof, nor shall the state be subject to any liability thereon. No holder or holders of such bonds shall ever have the right to compel any exercise of the taxing power of the state to pay any such bonds or the interest thereon, nor to enforce payment thereof against any property of the state except those projects or portions thereof, mortgaged or otherwise encumbered under the provisions and for the purposes of ORS 285B.320 (Purpose of ORS 285B.320 to 285B.371) to 285B.371 (State interest in eligible projects not necessary for loans).

(b) Shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the state, except those eligible projects, or portions thereof, mortgaged or otherwise encumbered, under the provisions and for the purposes of ORS 285B.320 (Purpose of ORS 285B.320 to 285B.371) to 285B.371 (State interest in eligible projects not necessary for loans).

(2) Each bond issued under ORS 285B.320 (Purpose of ORS 285B.320 to 285B.371) to 285B.371 (State interest in eligible projects not necessary for loans) shall recite in substance that the bond, including interest thereon, is payable solely from the revenue pledged to the payment thereof. No such bond shall constitute a debt of the state or a lending of the credit of the state within the meaning of any constitutional or statutory limitation. However, nothing in ORS 285B.320 (Purpose of ORS 285B.320 to 285B.371) to 285B.371 (State interest in eligible projects not necessary for loans) is intended to impair the rights of holders of bonds to enforce covenants made for the security thereof as provided in ORS 285B.368 (Powers and rights of bondholders). [Formerly 285.385; 2003 c.167 §14]

1 Legislative Counsel Committee, CHAPTER 285B—Economic Development Ii, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors285B.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
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.