ORS 778.150
Ordinance authorizing revenue bonds

  • content
  • special trust funds
  • trustees
  • enforcement

(1)

Revenue bonds issued under ORS 778.145 (Issuance of revenue bonds) (1) shall be authorized at a meeting by ordinance of the board. The ordinance may provide for the creation of special trust funds and may authorize the appointment of a trustee to administer the same, and may obligate the Port of Portland to set aside and pay into a special trust fund for the purpose of securing revenue bonds, all or any portion of its revenues, regardless of the source from which derived, then existing or which thereafter come into existence, not otherwise pledged or committed for other purposes. The board may, in addition thereto, pledge or mortgage for the payment of the principal of and interest on and premium, if any, of any issue of such bonds any property of the port not pledged for other purposes. Notice that action upon the bond ordinance will be taken at the designated meeting of the board, shall be given for a period of not less than two consecutive weeks, prior to such meeting, by publication thereof once each week in a newspaper of general circulation, published within the corporate boundaries of the port or, if there be no such newspaper, by posting such notice for a period of not less than two weeks in three public places in the port.

(2)

The money in any special trust fund created by an ordinance authorizing an issue of revenue bonds shall be used solely for the purposes provided therefor by the ordinance.

(3)

The ordinance may obligate the port, and the port shall have power to fix, levy and collect such rates, rentals, fees and other charges for the use and services of all or any of its facilities, which revenues may be pledged to the payment of the principal of and interest on and premium, if any, of the revenue bonds or any of them and if so pledged shall be sufficient to produce revenues, along with other lawfully available funds, adequate to pay the costs of the operation, maintenance and repair of any or all port properties; to pay or provide for the payment of the principal of and interest on, and premium, if any, of such revenue bonds or any of them, including any reserves for such payment; and to produce such additional amount of revenues therefrom as the port may covenant with the holders of such revenue bonds.

(4)

The ordinance may provide that in the event the money in a special trust fund is insufficient to pay the revenue bonds to be paid out of the fund, such revenue bonds shall be payable out of any part or all of other nonpledged revenues of the port. Whenever all bonds and expenses thereof have been paid so that no charge remains upon such special fund, the board may, by ordinance, transfer any balance remaining in such fund to its general fund, discharge the trustee, if any, and dissolve the special fund. Any trustee authorized to administer the fund, may, subject to approval of the board, invest and reinvest moneys in the special fund in any security or securities in which the State of Oregon may by law invest.

(5)

If the board fails to set aside and pay revenues into a special trust fund as required by the ordinance authorizing the issuance and sale of the bonds secured by the fund, a holder of any of such bonds may bring suit against the port to compel compliance with the provisions of the ordinance in the circuit court of the county in which the port has its principal office. [1971 c.546 §3; 2007 c.783 §230a]

Source: Section 778.150 — Ordinance authorizing revenue bonds; content; special trust funds; trustees; enforcement, 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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