Procedure subsequent to levy under ORS 777.440
(1) Taxes levied under ORS 777.440 (Levy of special tax by county court upon default of port officers) by the county board shall be assessed and collected as if the levy had been made by the port itself.
(2) However, taxes thus levied by the county board shall not be paid to the treasurer of the port by the county officers collecting the tax, but shall be paid to the county treasurer to the credit of the port issuing the bonds to be used for the purpose provided by subsection (3) of this section.
(3) The county treasurer shall pay from the fund the interest on or maturing principal of any bond described by ORS 777.440 (Levy of special tax by county court upon default of port officers) as it becomes due, and at such places as are designated in the bonds or interest coupons thereof, or upon the presentation at the county treasurers office of the bonds or coupons, which must show the amount due and the number and series of the bond.
(4) All bonds or coupons thereof thus paid shall be immediately reported by the county treasurer to the port board.
(5) On October 1 of the next calendar year following the year of the levy by the county board, the county treasurer shall ascertain the exact amount of interest and principal payable and still remaining unpaid. The county treasurer shall retain from the fund an amount sufficient to pay such principal and interest and pay to the treasurer of the port any balance of the fund remaining after making such deduction. [Amended by 1971 c.728 §76]
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