Chapter 478 — Rural Fire Protection Districts
ORS 478.850 Sources of bond payment restricted
Revenue bonds issued under ORS 478.845 to 478.875:
Shall not be payable from nor charged upon any fund other than the revenue pledged to the payment of the revenue bonds.
Shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the city or district, except those moneys paid to the loan fund created by ORS 478.855.
No holder of such revenue bonds shall ever have the right to compel any exercise of the taxing power of a city or district to pay the bonds or the interest on the bonds, or to enforce payment of the bonds against any property of the city or district except those moneys pledged in the loan fund created under ORS 478.855.
A revenue bond issued under ORS 478.845 to 478.875 shall not constitute a debt of the city or district within the meaning of any statutory limitation.
Note: See note under 478.840.
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2025 Oregon Revised Statutes — official online source
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2025 Oregon Revised Statutes — official online source