Metropolitan Service Districts

ORS 268.630
Borrowing in anticipation of bond sale

  • bond anticipation notes
  • content
  • sale of notes


(1)

A district shall have the power, at any time and from time to time after the issuance of bonds under ORS 268.600 (Issuance of revenue bonds) to 268.660 (Effect of ORS 268.600 to 268.660) have been authorized, to borrow money for the purposes for which such bonds are to be issued in anticipation of the receipt of the proceeds of the sale of such bonds and within the authorized maximum amount of such bond issue.

(2)

Bond anticipation notes shall be issued for all moneys so borrowed under the provisions of this section. Such notes may be issued for a period not to exceed three years and may be renewed or refunded from time to time for periods of not exceeding three years, but each such note, including renewals, shall mature and be paid not later than the fifth anniversary of the date the original note was issued. Such notes shall be authorized by ordinance of the governing body and shall be in such denomination or denominations, shall bear interest at such rate or rates approved by the governing body, shall be in such form and shall be executed in such manner, all as the governing body shall prescribe. Such notes may be sold at public or private sale in the manner and at such price or prices as the governing body shall determine, provided that if such notes be renewal notes, they may be exchanged for notes then outstanding on such terms as the governing body shall determine. [1977 c.95 §12; 1987 c.623 §4]
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