Local Improvements and Works Generally

ORS 223.260
Sale of bonds

  • disposition of proceeds from bond sales


(1)

The proceeds of any bonds or notes authorized to be issued under ORS 223.235 (Issuance of bonds) shall be paid by the purchaser to the treasurer of the issuing local government. Accrued interest and any premium may be credited to any account designated by the issuing local government. The balance of the proceeds shall be credited to the local improvement fund or funds for which the bonds or notes are issued.

(2)

A local government may create, within the Bancroft Bond Redemption Fund maintained by the local government as required by ORS 223.285 (Separate funds kept for moneys received), separate accounts for separate issues of bonds or notes issued as provided in ORS 223.235 (Issuance of bonds), and may pledge any amounts deposited in the separate accounts to specific issues of bonds or notes without pledging the amounts to any other issues of such bonds or notes. [Amended by 1957 c.103 §9; 1975 c.642 §5; 1983 c.349 §6; 1991 c.902 §16; 2003 c.802 §10]
§§ 223.205 to 223.295

Atty. Gen. Opinions

Application of Bancroft Bonding Act to weatherization of private homes and apartment buildings, (1980) Vol 41, p 58; application of Ballot Measure 47 (Oregon Constitution Article XI, section 11g) to issuance of Bancroft bonds, (1996) Vol 48, p 67

Chapter 223

Notes of Decisions

Fact that ordinance, which charged fee to property owners taking advantage of privilege of making connection to city water system, specified that payment would be secured by liens which would be "enforced" in matter provided by this chapter did not, of itself, show that such charges were "assessments." Montgomery Brothers v. City of Corvallis, 34 Or App 785, 580 P2d 190 (1978)

Circuit court has jurisdiction to determine merits of assessment, but cannot address whether assessment is subject to constitutional limits on property taxes. Martin v. City of Tigard, 14 OTR 517 (1999), aff'd 335 Or 444, 72 P3d 619 (2003)

State statutory procedures for financing local improvements are not exclusive and do not displace consistent local procedures. Baker v. City of Woodburn, 190 Or App 445, 79 P3d 901 (2003), Sup Ct review denied


Source

Last accessed
Jun. 26, 2021