2017 ORS 456.665¹
Status of revenue bonds
  • negotiability
  • interest tax-exempt

(1) Neither the State Treasurer, the Director of the Housing and Community Services Department, the Oregon Housing Stability Council nor any officer or employee of the Housing and Community Services Department shall be liable personally on any bonds issued under ORS 456.515 (Definitions for ORS 456.515 to 456.725 and ORS chapter 458) to 456.725 (Discrimination against purchaser with children prohibited) by reason of the issuance thereof.

(2) All obligations issued by the State Treasurer under ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited) shall not constitute a debt, liability or general obligation of this state or any political subdivision thereof or a pledge of the faith and credit of this state or any such political subdivision, but shall be payable solely from the revenues or assets of the department acquired pursuant to ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited). Each obligation issued under ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited) shall contain on the face thereof a statement that the department shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of this state or any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligation.

(3) All bonds issued by the State Treasurer under ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited) shall be fully negotiable.

(4) The interest upon all bonds, including refunding bonds, issued by the State Treasurer under ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited) shall be exempt from personal income taxation in the State of Oregon. [1973 c.828 §15; 1979 c.327 §17a; 1981 c.23 §3; 1983 c.519 §6; 1987 c.414 §19; 1995 c.79 §259; 2015 c.180 §13]

1 Legislative Counsel Committee, CHAPTER 456—Housing, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors456.­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.