Local Improvements and Works Generally

ORS 223.295
Limit on city indebtedness


(1)

A city may incur indebtedness in the form of general obligation bonds and general obligation interim financing notes pursuant to ORS 223.235 (Issuance of bonds) to an amount which shall not exceed 0.03 of the latest real market valuation of the city.

(2)

The general obligation bonds and general obligation interim financing notes issued pursuant to ORS 223.235 (Issuance of bonds) shall be determined by deducting from the sum total of outstanding general obligation bonds and general obligation interim financing notes issued pursuant to ORS 223.235 (Issuance of bonds), the aggregate of sinking funds or other funds applicable to the payment thereof, less the aggregate of overdrafts, if any, in the related improvement bond interest fund. [Amended by 1955 c.28 §1; 1955 c.686 §1; 1959 c.653 §7; 1963 c.545 §2; 1965 c.282 §3; 1985 c.441 §1; 1991 c.459 §351; 1991 c.902 §24]
§§ 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