ORS 287A.150
Authority of public body to issue revenue bonds


(1)

In addition to any other authority to issue revenue bonds, a public body may authorize revenue bonds by resolution or nonemergency ordinance pursuant to this section for a public purpose.

(2)

If revenue bonds are authorized by nonemergency ordinance, a public body may not sell the revenue bonds pursuant to this section until the period for referral of the ordinance has expired. If electors of a public body refer a nonemergency ordinance authorizing issuance of revenue bonds, the public body may not sell the revenue bonds unless the electors approve issuance of the revenue bonds.

(3)

If revenue bonds are authorized by resolution:

(a)

A public body may not sell the revenue bonds until at least 60 days following publication of the notice required in subsection (4) of this section.

(b)

The resolution must provide that electors residing within the public body may file a petition with the public body asking the public body to refer the question of whether to issue the revenue bonds to a vote. If within 60 days after the publication of the notice described in subsection (4) of this section, electors file petitions with the public body containing valid signatures of at least five percent of the public body’s electors, the public body:

(A)

Shall place the question of issuing the revenue bonds on the ballot at the next lawfully available election date; and

(B)

May not sell the revenue bonds described in the notice unless a majority of the electors voting on the question of issuing the revenue bonds approve.

(4)

A public body authorizing revenue bonds by resolution shall publish a notice describing the purposes for which the revenue bonds will be sold in at least one newspaper of general circulation within the boundaries of the public body in the same manner as other public notices of the public body. At a minimum, the notice must contain:

(a)

The date the resolution was adopted and the number thereof, if any;

(b)

The expected source of revenue for repayment of the revenue bonds;

(c)

The estimated principal amount of the revenue bonds to be sold;

(d)

The procedures by which electors may cause the question of issuing the revenue bonds to be referred to a vote;

(e)

The period within which electors must file signed petitions to cause referral; and

(f)

The fact that the resolution is available for inspection at the appropriate office of the public body.

(5)

If revenue bonds are authorized by nonemergency ordinance under subsection (2) of this section, the revenue bonds may be secured by the revenues or other property of the public body that is described in the nonemergency ordinance. If revenue bonds are authorized by resolution under subsection (3) of this section, the revenue bonds may be secured by the revenues or other property of the public body that is described in the notice required under subsection (4) of this section.

(6)

A public body may issue refunding bonds under ORS 287A.360 (Current refunding bonds) to 287A.380 (Tax levy to pay maturing general obligation advance refunding bonds) to pay revenue bonds that were authorized by this section. The procedures and limitations of subsections (1) to (5) of this section do not apply to refunding bonds. [2007 c.783 §46]

Source: Section 287A.150 — Authority of public body to issue revenue bonds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html.

287A.001
Definitions for ORS chapter 287A
287A.010
Powers conveyed to public bodies
287A.050
Authority of city to issue general obligation bonds
287A.100
Authority of county to issue general obligation bonds
287A.105
Limitation on bonded indebtedness of county
287A.140
Ad valorem tax levy to pay general obligation bonds
287A.145
Misspent proceeds of general obligation bonds
287A.150
Authority of public body to issue revenue bonds
287A.180
Short-term borrowing by public body
287A.195
Compliance with constitutional or statutory debt limits
287A.300
Terms and conditions of bond sales
287A.310
Definitions for ORS 287A.310 and 287A.315
287A.315
Pledge of full faith and credit and taxing power
287A.325
Covenants of public bodies regarding pledges
287A.335
Agreements for exchange of interest rates
287A.339
Termination payment of conduit borrower
287A.340
Credit enhancement devices
287A.343
Public body purchase of own bonds
287A.345
State taxation of bond interest
287A.350
Public records
287A.360
Current refunding bonds
287A.365
Advance refunding bonds and forward current refunding
287A.370
Proposed refunding plan for advance refunding bonds or forward current refunding
287A.375
Maximum amount of advance refunding bonds
287A.380
Tax levy to pay maturing general obligation advance refunding bonds
287A.472
Interest on municipal warrants not paid on presentation
287A.474
Warrants and checks more than two years old
287A.482
Definitions for ORS 287A.482 to 287A.488
287A.484
Master warrant procedure authorized if warrants would be not paid
287A.486
Procedure
287A.488
Taxes must be levied for payment of claims included in master warrant
287A.630
Oregon Municipal Debt Advisory Commission
287A.632
Meetings
287A.634
Powers and duties of commission
287A.640
Notice to commission of proposed issues
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