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: Sections 20, 21 and 38, chapter 671, Oregon Laws 2019, provide:

Sec. 20. (1) For the biennium beginning July 1, 2019, at the request of the Oregon Department of Administrative Services, after the department consults with the Port of Cascade Locks, 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 $2.4 million in net proceeds for the purposes 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 must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) for distribution to the Port of Cascade Locks to construct buildings and upgrade and expand infrastructure in the Port of Cascade Locks Business Park.

(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 finding that assisting in the establishment and expansion of businesses in Oregon and in the construction, improvement and expansion of infrastructure that comprises the physical foundation for industrial and commercial activities provide the basic framework for continued and expanded economic opportunities and quality communities. [2019 c.671 §20]

Sec. 21. (1) For the biennium beginning July 1, 2019, at the request of the Oregon Department of Administrative Services, after the department consults with the Port of Morrow, 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 $1.4 million in net proceeds for the purposes 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 must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) for distribution to the Port of Morrow for expansion of the Early Learning Center at the Port of Morrow.

(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) More Oregonians will attend workforce training if early education options are available for their children. Greater numbers of Oregonians who are trained in workforce skills will lead to enhanced economic development.

(b) Early education is a necessary component of a climate that facilitates and encourages economic development. [2019 c.671 §21]

Sec. 38. (1) For the biennium beginning July 1, 2019, at the request of the Oregon Department of Administrative Services, after the department consults with the Department of Transportation, 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 $5 million in net proceeds for the purposes 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 must be transferred to the Department of Transportation for deposit in the DOT Economic Development Distributions Fund established in ORS 461.557 (DOT Economic Development Distributions Fund) for distribution to the Oregon International Port of Coos Bay for repair and replacement of bridge structures along the Coos Bay rail link, as defined in ORS 777.915 (Definitions for ORS 777.915 to 777.953).

(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 finding that improvements in multimodal transportation systems are necessary to facilitate the flow of goods and services to national and international markets through the deep water port at Coos Bay. [2019 c.671 §38]

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