Local Improvements and Works Generally

ORS 223.285
Separate funds kept for moneys received

  • investments authorized


Any treasurer receiving any payments of final assessments or interest on unpaid installments by virtue of the Bancroft Bonding Act, shall account for the payments separately from other funds of the local government. The amount of the moneys paid on account of installments, interest on unpaid installments and late payment penalties or charges, shall be placed to the credit of a fund to be known and designated as “Bancroft Bond Redemption Fund” or in any designated account of the redemption fund that may be established by the local government under this section. All interest and principal due on bonds issued under ORS 223.235 (Issuance of bonds) shall be paid from the redemption fund or from a designated account of the redemption fund. The amount placed to the credit of the redemption fund or any account of the fund shall from time to time, under the direction of the governing body of the issuing local government, be invested as provided in ORS 294.035 (Investment of funds of political subdivisions) or 294.805 (Definitions for ORS 294.805 to 294.895) to 294.895 (Board duties, generally). [Amended by 1975 c.495 §1; 1991 c.902 §22; 2003 c.802 §16]
§§ 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