ORS 777.485¹
Compromise and refunding agreements
  • contents
  • subsequent procedure
  • effect

(1) A board may enter into agreement with the holders of its outstanding indebtedness providing for compromise of the indebtedness and the refunding thereof by the issuance of bonds under ORS 777.455 (Authority to issue refunding bonds for specified purposes). An agreement may provide for the amount of refunding bonds to be issued, the interest rate the bonds are to bear, the dates of maturity of the bonds and the amount of money to be raised by taxes each year to pay the principal of and interest on the bonds. When an agreement is entered into, a port shall have complete authority to issue bonds in accordance therewith.

(2) The board may provide in the ordinance authorizing such refunding bonds:

(a) For setting aside a sinking or other fund into a special trust fund for payment of the bonds.

(b) For the pledging of taxes and other revenues directly to the payment of the principal of or interest on the bonds or to the sinking fund.

(c) For limitations on subsequent borrowings by the port either in the nature of permanent debt or temporary financing.

(d) For limitations on the amounts of appropriations in subsequent budgets for operating expenses.

(3) A port has all necessary authority to carry out the terms and conditions so included in any such ordinance. The validity of the refunding bonds, however, shall not be dependent upon nor affected by the validity or regularity of the ordinance provisions enumerated in subsection (2) of this section. [Amended by 1971 c.728 §84]

Law Review Cita­tions

51 OLR 53 (1971)

Chapter 777

Notes of Decisions

Port district’s power to formulate rules and regula­tions to prevent estuary and stream pollu­tion within its boundaries did not give it standing to object to power supply contract between Bonneville Power Administra­tion and proposed aluminum plant. Port of Astoria v. Hodel, 595 F2d 467 (1979)

1 Legislative Counsel Committee, CHAPTER 777—Ports Generally, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors777.­html (2019) (last ac­cessed May 16, 2020).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2019, Chapter 777, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano777.­html (2019) (last ac­cessed May 16, 2020).
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. Currency Information