ORS 287A.360
Current refunding bonds


(1)

In addition to any other authority to issue refunding bonds, a public body may issue current refunding bonds to refund or purchase its outstanding bonds.

(2)

A public body may secure current refunding bonds with any of the revenues and covenants that the public body could have used to secure the refunded or purchased bonds under the law in effect when the refunded or purchased bonds were issued and with revenues and covenants that the public body could have used to secure the refunded or purchased bonds if the laws that are in effect when the current refunding bonds are issued were in effect when the refunded or purchased bonds were issued.

(3)

A public body may authorize current refunding bonds by resolution or ordinance without complying with the procedural requirements that applied to the refunded or purchased bonds, including issuing:

(a)

General obligation bonds to refund or purchase outstanding general obligation bonds without obtaining approval of the electors of the public body.

(b)

Revenue bonds to refund or purchase revenue bonds that were issued in accordance with ORS 287A.150 (Authority of public body to issue revenue bonds) without complying with the procedures prescribed in ORS 287A.150 (Authority of public body to issue revenue bonds).

(4)

The maturities of current refunding bonds authorized by this section may not exceed by more than six months:

(a)

Maturity limits that were established by the electors for the refunded or purchased bonds; and

(b)

A maturity limit imposed by a provision of a constitution, charter or statute that applied to the refunded or purchased bonds, if the provision imposing the limit is in effect when the current refunding bonds are issued. [2007 c.783 §54; 2009 c.538 §9; 2011 c.256 §1]

Source: Section 287A.360 — Current refunding bonds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html.

Law Review Citations

50 WLR 619 (2014)

287A.001
Definitions for ORS chapter 287A
287A.010
Powers conveyed to public bodies
287A.050
Authority of city to issue general obligation bonds
287A.100
Authority of county to issue general obligation bonds
287A.105
Limitation on bonded indebtedness of county
287A.140
Ad valorem tax levy to pay general obligation bonds
287A.145
Misspent proceeds of general obligation bonds
287A.150
Authority of public body to issue revenue bonds
287A.180
Short-term borrowing by public body
287A.195
Compliance with constitutional or statutory debt limits
287A.300
Terms and conditions of bond sales
287A.310
Definitions for ORS 287A.310 and 287A.315
287A.315
Pledge of full faith and credit and taxing power
287A.325
Covenants of public bodies regarding pledges
287A.335
Agreements for exchange of interest rates
287A.339
Termination payment of conduit borrower
287A.340
Credit enhancement devices
287A.343
Public body purchase of own bonds
287A.345
State taxation of bond interest
287A.350
Public records
287A.360
Current refunding bonds
287A.365
Advance refunding bonds and forward current refunding
287A.370
Proposed refunding plan for advance refunding bonds or forward current refunding
287A.375
Maximum amount of advance refunding bonds
287A.380
Tax levy to pay maturing general obligation advance refunding bonds
287A.472
Interest on municipal warrants not paid on presentation
287A.474
Warrants and checks more than two years old
287A.482
Definitions for ORS 287A.482 to 287A.488
287A.484
Master warrant procedure authorized if warrants would be not paid
287A.486
Procedure
287A.488
Taxes must be levied for payment of claims included in master warrant
287A.630
Oregon Municipal Debt Advisory Commission
287A.632
Meetings
287A.634
Powers and duties of commission
287A.640
Notice to commission of proposed issues
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