ORS 778.030
Power to issue general obligation bonds

  • limitation
  • dedication of revenues
  • use of proceeds

(1)

For the purpose of carrying into effect any of the powers granted to the Port of Portland, the port has the power to borrow money and to sell and dispose of bonds which shall constitute a general obligation of the port and be secured by the port’s full faith and credit. Such bonds outstanding at one time shall never exceed in the aggregate one and three-fourths percent of the real market value of all taxable property within the limits of the port, computed in accordance with ORS 308.207 (Computation of real market value for taxing or bonding limitations). In computing the total of bonds at any time outstanding, bonds issued for the purpose of providing funds to meet obligations assumed pursuant to ORS 778.020 (Acquisition of City of Portland property by port), shall not be included. The bonds shall be secured by the taxing power of the port as provided in ORS 778.065 (Port taxing power) (1). In addition, the port may provide that the bonds shall be payable from and secured by a lien and pledge of all or any part of the revenues derived by the port from the facilities constructed from the proceeds of the bonds.

(2)

The port may provide for the creation of special trust funds and may authorize the appointment of a trustee to administer the same and may obligate itself to set aside and pay into a special trust fund any revenues pledged to the payment of the bonds. The port may establish and provide from available funds for the funding of debt service, operation and maintenance reserves.

(3)

Proceeds from the sale of the bonds may also be used to pay the costs incurred in issuing the bonds, preliminary work incident to carrying out such powers, including but not limited to planning, engineering, inspection, accounting, fiscal, legal and trustee expenses and other similar expenses, and to pay interest on the bonds for such period as the port may determine, but not to exceed six months beyond completion of the facilities financed with the bonds, and to establish reserves for debt service on the bonds. [Amended by 1963 c.9 §39; 1971 c.702 §1; 1971 c.728 §107a; 1977 c.33 §1; 1991 c.459 §443]

Source: Section 778.030 — Power to issue general obligation bonds; limitation; dedication of revenues; use of proceeds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors778.­html.

778.005
Definitions
778.008
Port of Portland granted powers of ports formed under ORS chapter 777
778.010
District known as Port of Portland
778.015
Purposes and general powers of port
778.016
Best value standards for Port of Portland contracts and space leases
778.020
Acquisition of City of Portland property by port
778.025
Power to engage in certain commercial activities
778.030
Power to issue general obligation bonds
778.036
Issuance of bonds
778.040
General obligation bond issues to be approved by electors
778.045
Amount of general obligation bonds issued in one year limited
778.060
Expenditure of bond sale funds for operating expenses limited
778.065
Port taxing power
778.068
Filing boundary change with county assessor and Department of Revenue
778.070
Tax levy
778.073
Recreational facilities
778.085
Control over port waters and wharf lines
778.090
Rights of riparian owners and owners of moorage facilities
778.095
Eminent domain power
778.100
Reclamation of lands within port limits
778.105
Port required to contract for work and materials
778.110
Personnel
778.115
Improvement contracts with federal government
778.120
Operation of chapter upon rights of other entities within port limits
778.125
Port assistance to other governmental units within port boundaries
778.145
Issuance of revenue bonds
778.150
Ordinance authorizing revenue bonds
778.155
Form and content of bonds
778.160
Borrowing in anticipation of bond sale
778.165
Sale of revenue bonds
778.170
Bonds as obligations of political subdivision
778.175
Effect of ORS 778.145 to 778.175
778.205
Board of commissioners
778.210
Qualifications of members
778.215
Appointment
778.220
Removal
778.225
Meetings
778.230
Board officers
778.235
Causes of vacancies
778.255
Enactment of port ordinances
778.260
Ordinances for regulating use of port properties
778.270
Initiative and referendum procedures
778.990
Penalties
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