Certain uses of proceeds of bonds issued without elector approval prohibited
Notwithstanding any other provision of law, proceeds from the sale of bonds issued by the port without the approval of the electors of the port under ORS 777.947 (Limitation on annual issuance and aggregate amount of bonds in absence of elector approval), except for refunding bonds, shall be used only for construction, maintenance and repair of facilities and works necessary for industrial development within the port, construction, maintenance and repair of docks, piers, wharves, dredge and spoil sites and navigation aids and as matching moneys for state and federal grants for the purposes described in this section. [1987 c.565 §16]
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