ORS 777.505¹
Delivery of bonds to purchaser
  • deposit of sale proceeds
  • redemption and retirement of refunded bonds

(1) Refunding bonds, upon payment therefor in cash, may be delivered to the purchaser thereof at any time after sale date, but not later than the date as of which the refunded bonds have been called for payment. The bonds shall be delivered at the place in the State of Oregon designated by the board in the notice of sale of the bonds.

(2) Proceeds of sale of the bonds equal to the total par value of the bonds refunded shall be deposited at the fiscal agency mentioned in ORS 777.460 (Refunding bonds) in conformity with the laws relating to deposits of funds with the fiscal agency or, at the option of the issuing port, pursuant to ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules), in a special trust account to be used solely for the payment of the principal of the outstanding refunding bonds and for no other purpose.

(3) The outstanding refunded bonds shall be redeemed and retired as soon as possible after the date of sale of the refunding bonds issued in lieu thereof, but in no case shall such refunding bonds be invalidated by reason of the failure of the port to redeem or retire the refunded bonds. [Amended by 1967 c.451 §29; 1971 c.728 §80]

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