Revenue bonds authorized for fire safety systems
(1) Notwithstanding any other provision of law or any restriction on indebtedness contained in a charter, a city or district may issue and sell revenue bonds under ORS 478.845 (Revenue bonds authorized for fire safety systems) to 478.875 (Remedies for breach of loan contract), loan moneys to qualified persons for the installation of fire safety systems and enter into loan contracts with those persons. Moneys borrowed from the loan fund created by ORS 478.855 (Loan fund created from bond proceeds) shall be repaid by the borrowers in accordance with the terms of the loan contract to which the borrower and the city or district are parties.
(2) In addition to authority granted by other laws to issue revenue bonds, a city or district may sell revenue bonds for the purpose of creating a loan fund to finance the installation of fire safety systems in structures located within the city or district.
(3) Revenue bonds authorized by this section may be issued from time to time and shall be issued as prescribed in ORS chapter 287A. [1995 c.725 §2; 2007 c.783 §209]
Note: See note under 478.840 (Definitions for ORS 478.845 to 478.875).
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