2017 ORS 777.590¹
Authority to issue and sell revenue bonds
  • leasing property and pledging revenues

(1) ORS 777.560 (Ports may issue and sell revenue bonds) to 777.590 (Authority to issue and sell revenue bonds) are complete authority for the issuance and sale of revenue bonds and refunding revenue bonds. Any restrictions, limitations, conditions or procedure provided by other statutes relating to issuance and sale of bonds or other obligations do not apply to the issuance and sale of revenue bonds and refunding revenue bonds under ORS 777.560 (Ports may issue and sell revenue bonds) to 777.590 (Authority to issue and sell revenue bonds).

(2) The lease of any property of the port and the pledging of revenues therefrom to the payment of the costs and expenses enumerated by ORS 777.560 (Ports may issue and sell revenue bonds), and to the payment of principal and interest on bonds issued and sold under ORS 777.560 (Ports may issue and sell revenue bonds) to 777.590 (Authority to issue and sell revenue bonds), shall be considered to further the public interest within the meaning of ORS 271.310 (Transfer or lease of real property owned or controlled by political subdivision). [1955 c.423 §8; 1959 c.337 §7; 1965 c.223 §8; 1971 c.728 §91; 2005 c.443 §27]

Note: Section 28a, chapter 812, Oregon Laws 2015, provides:

Sec. 28a. (1) The Brookings Harbor Dock Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned on the moneys in the Brookings Harbor Dock Fund shall be credited to the fund. The Brookings Harbor Dock Fund consists of moneys deposited in the fund under section 28, chapter 812, Oregon Laws 2015, and section 24 of this 2017 Act [chapter 748, Oregon Laws 2017] and may include fees, revenues or other income deposited in the fund by the Legislative Assembly.

(2) Moneys in the fund are continuously appropriated to the Oregon Business Development for disbursement for the purposes set forth in section 28, chapter 812, Oregon Laws 2015, and section 24 of this 2017 Act. [2015 c.812 §28a; 2017 c.748 §25]

Note: Section 24, chapter 748, Oregon Laws 2017, provides:

Sec. 24. (1) For the biennium beginning July 1, 2017, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $600,000 in net proceeds and interest earnings for the purpose described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section in an amount sufficient to provide $600,000 in net proceeds and interest earnings must be transferred to the Oregon Business Development Department for deposit in the Brookings Harbor Dock Fund established under section 28a, chapter 812, Oregon Laws 2015, for distribution to the Port of Brookings Harbor for the purpose of repairing and improving docks owned by the port.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a) Docks are an integral part of the commercial and industrial infrastructure of this state.

(b) Repair and improvement of docks will promote economic development within this state. [2017 c.748 §24]

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 (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 777, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano777.­html (2017) (last ac­cessed Mar. 30, 2018).
 
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.