Sources of bond payment restricted
(1) Revenue bonds issued under ORS 478.845 (Revenue bonds authorized for fire safety systems) to 478.875 (Remedies for breach of loan contract):
(a) Shall not be payable from nor charged upon any fund other than the revenue pledged to the payment of the revenue bonds.
(b) Shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the city or district, except those moneys paid to the loan fund created by ORS 478.855 (Loan fund created from bond proceeds).
(2) No holder of such revenue bonds shall ever have the right to compel any exercise of the taxing power of a city or district to pay the bonds or the interest on the bonds, or to enforce payment of the bonds against any property of the city or district except those moneys pledged in the loan fund created under ORS 478.855 (Loan fund created from bond proceeds).
(3) A revenue bond issued under ORS 478.845 (Revenue bonds authorized for fire safety systems) to 478.875 (Remedies for breach of loan contract) shall not constitute a debt of the city or district within the meaning of any statutory limitation. [1995 c.725 §4; 2007 c.783 §210]
Note: See note under 478.840 (Definitions for ORS 478.845 to 478.875).
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.