Ports may issue and sell revenue bonds
- • use of proceeds
(1) For the purpose of carrying into effect any of the powers granted to ports, a port may issue and sell revenue bonds in accordance with ORS 777.560 (Ports may issue and sell revenue bonds) to 777.590 (Authority to issue and sell revenue bonds) without the necessity of obtaining the prior approval of the electors of the port. Proceeds from the sale of revenue bonds may be used by the port in its governmental capacity or loaned to private parties. The proceeds may be used to cover the costs incurred in issuing the bonds, and preliminary work incident to carrying out such purposes and powers, including but not limited to planning, engineering, inspection, accounting, fiscal, legal and trustee expenses, the cost of issuance of bonds, engraving, printing, advertising and other similar expenses, and to pay interest on the outstanding bonds issued for any project during the period of actual construction and for six months after the completion thereof. Revenue bonds shall not be a general obligation of the port nor a charge upon the tax revenues of the port, nor a charge upon any other revenues or property of the port not specifically pledged thereto.
(2) In addition to the powers granted by subsection (1) of this section, a port may authorize and issue revenue bonds under ORS 287A.150 (Authority of public body to issue revenue bonds). [1955 c.423 §2; 1959 c.337 §1; 1971 c.728 §86; 1993 c.97 §29; 2007 c.783 §225]
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