Oregon Revised Statutes
As used in this chapter: “Advance refunding bond” means a bond all or part of the proceeds of which are to be used to pay an outstanding bond one year or more after the advance refunding bond is issued. “Agreement for exchange of interest rates” means a contract, or an option or forward commitment to enter into a contract, for an exchange of interest rates…
The powers conveyed to public bodies by ORS 287A.001 to 287A.380 are in addition to any other powers possessed by public bodies and do not limit those other powers. (General Obligation Bonds)
Upon approval of the electors of a city, the city may issue general obligation bonds to finance: Capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution. Capital costs permitted by Article XI, section 11L, of the Oregon Constitution. Unless the city charter provides a lesser limitation, a city …
Unless the county charter expressly provides otherwise, upon approval of the electors of a county, the county may issue general obligation bonds to finance: Capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution. Capital costs permitted by Article XI, section 11L, of the Oregon Constitution. U…
A county may incur bonded indebtedness within the meaning of section 10, Article XI of the Oregon Constitution, by issuing revenue bonds when a county is expressly authorized to issue revenue bonds by a law other than this section. The amount of revenue bonds permitted by this section may not exceed the lesser of: One percent of the real market value of all…
In addition to other taxes imposed, a public body shall levy annually an ad valorem property tax on the taxable property within the boundaries of the public body in an amount that is sufficient, when added to other amounts available, to pay the principal of and interest on outstanding general obligation bonds issued by the public body. A public body may: U…
If a court of competent jurisdiction determines that the proceeds of an issue of general obligation bonds have been used by a public body for expenditures that are not capital costs permitted by Article XI, section 11L, of the Oregon Constitution, or that are not costs of capital construction or capital improvements permitted by Article XI, sections 11 and 1…
In addition to any other authority to issue revenue bonds, a public body may authorize revenue bonds by resolution or nonemergency ordinance pursuant to this section for a public purpose. If revenue bonds are authorized by nonemergency ordinance, a public body may not sell the revenue bonds pursuant to this section until the period for referral of the ordin…
In addition to any other authority to issue revenue bonds, but subject to applicable limitations imposed by the Oregon Constitution or the charter or ordinance of the public body, a public body may issue revenue bonds pursuant to this section: In anticipation of tax revenues or other moneys; To provide interim financing for capital projects to be undertake…
When calculating compliance with a constitutional or statutory debt limit for a public body: The amount of interest to be paid on bonds, whether paid currently or deferred, is not taken into account. For a zero coupon bond or other original discount bond on which periodic interest payments are not made, only the accreted value of the bond on the date the b…
Notwithstanding a local charter or statutory limitation, when a public body is authorized by law to issue bonds, the public body may: Combine bonds authorized by different laws or actions of the governing body into a single issue and use a single disclosure document if the bonds in the issue will have the same security, or may use a single disclosure docume…
As used in this section and ORS 287A.315: “Obligation” means: A bond; The commitment of a public body in connection with a credit enhancement device; or An agreement for exchange of interest rates. “Property” means: Real or personal property, tangible or intangible, whether owned when a pledge is made or acquired subsequently to the time the pledge is …
A public body may pledge its full faith and credit and taxing power when the public body issues: A general obligation bond; or An obligation that is secured by all lawfully available funds of the public body. When a public body pledges its full faith and credit and taxing power to pay an obligation, the pledge constitutes an enforceable promise or contrac…
The Legislative Assembly finds that: It is a matter of statewide concern that certain covenants made by public bodies regarding a pledge of revenues to secure bonds not be impaired by subsequent initiative or referendum measures. The covenants described in paragraph (a) of this subsection usually are in the form of a promise to charge and collect rates, fe…
As used in this section, “counterparty” means an entity with whom a public body enters into an agreement for exchange of interest rates. Upon a finding by a public body that an agreement for exchange of interest rates benefits the public body, the public body may enter into the agreement for exchange of interest rates with a counterparty. An agreement for e…
When a public body is authorized by law to issue bonds, the public body may lend moneys derived from an issuance and sale of bonds to a conduit borrower of proceeds from outstanding, previously issued conduit revenue bonds for the purpose of paying a termination payment required to be paid by the borrower under an agreement for exchange of interest rates ent…
A public body may obtain a credit enhancement device and enter into related agreements. The public body may pay the provider of the credit enhancement device from the same sources that the public body may lawfully use to pay the related bonds or from any other legally available source. The public body may issue a bond to the provider of a credit enhancemen…
Notwithstanding any limitation in a local charter, a public body may bid for, purchase, hold, cause to be held in trust and remarket bonds issued by the public body. Except as otherwise provided in the operative documents, the purchase or acquisition of bonds under this section does not cancel or extinguish the bonds unless the public body elects in writing…
Interest on bonds of a public body is exempt from personal income tax under ORS chapter 316.
The records of registered bond ownership, whether maintained by a public body or otherwise, are not public records within the meaning of ORS 192.311. REFUNDING BONDS
In addition to any other authority to issue refunding bonds, a public body may issue current refunding bonds to refund or purchase its outstanding bonds. A public body may secure current refunding bonds with any of the revenues and covenants that the public body could have used to secure the refunded or purchased bonds under the law in effect when the refun…
The Legislative Assembly declares that the issuance of advance refunding bonds and the authority to effect a forward current refunding are matters of general statewide concern, and ORS 287A.360 to 287A.380 preempt all local statutory or charter authority to issue advance refunding bonds or to effect a forward current refunding. A public body may issue advan…
The State Treasurer shall review the plan of a public body to issue advance refunding bonds or to enter into a forward current refunding to determine whether the plan complies with applicable rules of the State Treasurer, as provided in this section. After adoption of an ordinance or resolution approving a plan to issue advance refunding bonds or to enter i…
As used in this section, “government obligations” means: Direct obligations of the United States of America or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America and bank certificates of deposit secured by the obligations; Bonds, debentures, notes, certificates of participation or other obligat…
Pursuant to ORS 287A.140, a public body shall levy taxes to pay the maturing interest and principal of advance refunding bonds that are general obligation bonds. Notwithstanding ORS 287A.140 or any other provision of law, a public body may not cause a tax to be levied to pay the maturing interest and principal of general obligation bonds that have been defe…
All warrants for payment of money issued by cities and other municipalities that are not paid upon presentation and so indorsed shall draw interest at the legal rate after such indorsements but municipalities may by proper resolution fix the rate at less than the legal rate and may make such interest payable semiannually.
The county fiscal officer shall prepare a report of all warrants and checks issued more than two years prior to July 1 of that year that have not been paid, pursuant to ORS 98.352. The lawful owner of any warrant or check included in any list referred to in subsection (1) of this section, not presented to the county treasurer for payment and not paid, there…
As used in ORS 287A.482 to 287A.488: “County fiscal officer” means: The county accountant in counties where such office is established by law. The county clerk in counties not having a county accountant. “Master warrant” means a warrant or order issued and drawn pursuant to ORS 287A.486.
Whenever the county fiscal officer audits and approves a claim and issues a warrant therefor and at the same time or subsequently ascertains that the county treasurer has not sufficient moneys in the particular fund of the county from which the claim so approved and allowed is payable and that the warrant as issued against that fund for the payment of the cl…
The county fiscal officer shall draw a master warrant in the amount of one or more claims referred to in ORS 287A.484, payable to any person who is willing to accept the master warrant, and such person shall, upon delivery of the master warrant duly indorsed “Not Paid for Want of Funds,” pay to the county treasurer the full amount for which the master warran…
No master warrant shall be issued under ORS 287A.482 to 287A.488 unless taxes have been levied for the payment of all claims included in the master warrant and such taxes are in the process of being collected at the time of the issuance of the master warrant. OREGON MUNICIPAL DEBT ADVISORY COMMISSION
The Oregon Municipal Debt Advisory Commission is hereby created, consisting of the following seven members: The State Treasurer or the State Treasurer’s designee. Three public body finance officers appointed by the Governor: One of whom is an individual recommended by the Association of Oregon Counties. One of whom is an individual recommended by the Lea…
The Oregon Municipal Debt Advisory Commission shall meet: At the call of the chairperson; or At the request of: A majority of the members; The State Treasurer; or The Governor. A majority of all members of the advisory commission constitutes a quorum for the transaction of business. The office of the State Treasurer shall provide the commission with a…
The Oregon Municipal Debt Advisory Commission may: Provide assistance and consultation, upon request of the state or a public body, to assist them in the planning, preparation, marketing and sale of new bond issues to reduce the cost of the issuance to the issuer and to assist in protecting the issuer’s credit. Collect, maintain and provide financial, econ…
The Oregon Municipal Debt Advisory Commission may, by rule, require a public body to provide the commission with prior notice of proposed issuance of new bonds in a form and at times specified by the commission. To assist the commission in carrying out its duties, a public body shall verify, at the request of the commission, the information maintained by th…