Metropolitan Service Districts

ORS 268.520
Authority to issue and sell general obligation bonds


(1)

For the purpose of performing any service that the district has power to perform, the district, when authorized at any properly called election held for such purpose, shall have the power to borrow money by the issuance and sale of general obligation bonds. Such bonds shall never exceed in the aggregate 10 percent of the real market value of all taxable property within the district computed in accordance with ORS 308.207 (Computation of real market value for taxing or bonding limitations). The bonds shall be so conditioned that the district shall promise and agree therein to pay the bearer at a place named therein, the principal sum with interest at a rate named therein payable semiannually in accordance with the tenor and terms of the interest coupons attached. The bonds shall mature serially not to exceed 30 years from the date of issue.

(2)

All general obligation bonds shall be issued as prescribed in ORS chapter 287A. [1969 c.700 §19; 1977 c.782 §7; 1983 c.347 §21; 1991 c.459 §370; 2007 c.783 §87]

Atty. Gen. Opinions

Authority of district to borrow waste disposal planning funds from Environmental Quality Commission, (1972) Vol 35, p 1117

Chapter 268

Notes of Decisions

Limitation of chapter applicability to statutorily defined area within boundaries of Clackamas, Multnomah and Washington counties and preclusion of formation of additional metropolitan service districts in state, did not create corporation by special law in violation of Const. Art. XI sec 2. Reilley v. Secretary of State, 288 Or 573, 607 P2d 162 (1980)

Atty. Gen. Opinions

Authority of district to borrow waste disposal planning funds from Environmental Quality Commission, (1972) Vol 35, p 1117; Motor Vehicle Emission Control Inspection Program funding, (1974) Vol 37, p 130

Law Review Citations

51 OLR 53 (1971); 93 OLR 455 (2014)


Source

Last accessed
Jun. 26, 2021