ORS 287A.140
Ad valorem tax levy to pay general obligation bonds

(1)

In addition to other taxes imposed, a public body shall levy annually an ad valorem property tax on the taxable property within the boundaries of the public body in an amount that is sufficient, when added to other amounts available, to pay the principal of and interest on outstanding general obligation bonds issued by the public body.

(2)

A public body may:

(a)

Use the revenues from a levy under this section and earnings on the revenues only to pay the principal of and interest on general obligation bonds.

(b)

Not use or divert taxes levied under subsection (1) of this section for another purpose while principal or interest remains unpaid on the bonds.

(c)

If a surplus amount remains after the principal of and interest on an issue of general obligation bonds have been paid and the public body does not have other expenses related to the bonds, transfer the surplus moneys to a fund designated by the governing body of the public body.

(3)

Revenues from a levy by a public body pursuant to this section and earnings on the revenues are pledged as security for payment of the principal of and interest on general obligation bonds of the public body.

(4)

A pledge under this section has the effect of a pledge under ORS 287A.310 (Definitions for ORS 287A.310 and 287A.315). [2007 c.783 §67; 2015 c.53 §1]

Source: Section 287A.140 — Ad valorem tax levy to pay general obligation 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
Green check means up to date. Up to date

Current through early 2024

§ 287A.140’s source at oregon​.gov