Authority for issuance of general obligation bonds and revenue bonds
- • issuance and sale
(1) Whenever authorized by the electors of the district, the district board of a radio and data district may issue general obligation bonds of the district, not exceeding the principal amount stated in the notice of election and for the purpose therein named.
(2) In addition to the authority to issue general obligation bonds, a district, when authorized by a majority of those voting at an election called for that purpose, may sell and dispose of revenue bonds, and pledge as security therefor all or any part of the unobligated net revenue of the district to purchase, acquire, construct, reconstruct or improve a facility, or to perform any of those acts in combination, for any authorized purpose. Revenue bonds shall be issued in the same manner and form as are general obligation bonds of the district, but they shall be payable, both as to principal and interest, from revenues only. Revenue bonds shall be payable solely from such part of the revenue of the district as remains after payment of obligations having a priority and of all expenses of operation and maintenance of the district, including any taxes levied against the district. All revenue bonds shall contain a clause reciting that both the principal and interest are payable solely from operating revenues of the district remaining after paying such obligations and expenses.
(3) General obligation and revenue bonds must recite that they are issued under ORS 403.500 (Definitions for ORS 403.500 to 403.542) to 403.542 (Contracts with United States). All bonds shall be signed by the president of the district board and attested by the district administrator.
(4) All general obligation and revenue bonds issued, including refunding bonds, shall be issued as prescribed in ORS chapter 287A. [2009 c.584 §17]
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