ORS 287A.300
Terms and conditions of bond sales

  • delegation of authority


Notwithstanding a local charter or statutory limitation, when a public body is authorized by law to issue bonds, the public body may:


Combine bonds authorized by different laws or actions of the governing body into a single issue and use a single disclosure document if the bonds in the issue will have the same security, or may use a single disclosure document for bonds authorized by different laws or actions of the governing body if the bonds have different security.


Structure, market and issue bonds in the manner that the public body determines is in the best interest of the people served by the public body.


Sell bonds at a competitive sale or a negotiated sale or in any other manner determined by the public body.


Issue bonds the interest on which is exempt from federal income taxes or is not exempt from federal income taxes.


Establish the maturity dates for bonds to provide for short-term, interim or long-term borrowing and establish the principal amounts, redemption provisions, optional or mandatory tender provisions, interest rates or method for determining a variable or adjustable interest rate, denominations and other terms and conditions of the bonds.


Determine the form and content of bond disclosure documents.


Enter into an agreement with and retain the services of bond counsel and other providers of bond-related services.


Execute and deliver indentures, bond purchase agreements, trust agreements, remarketing agreements, auction agent agreements, broker dealer agreements, tender agent agreements, escrow agreements and other contracts related to the sale, issuance, security for or administration of the bonds.


Enter into agreements with bond trustees and deposit moneys with trustees for the benefit of bond owners and the providers of credit enhancement devices for bonds.


Enter into covenants for the benefit of bond owners or the providers of credit enhancement devices or agreements for exchange of interest rates, including but not limited to covenants regarding the issuance of additional bonds and rate covenants.


Enter into covenants for the benefit of owners of bonds that are intended to allow bonds to bear interest that is excludable from gross income under the federal Internal Revenue Code or that is otherwise exempt from taxation by the United States.


Take action to comply with covenants.


Establish bond debt service reserves.


Fund debt service reserves out of bond proceeds or from other revenues.


Specify the individuals who may sign the bonds on behalf of the public body.


When the Oregon Constitution, a charter, a statute, an ordinance or a resolution authorizes a public body to spend bond proceeds for a particular purpose, the public body may also spend bond proceeds to finance costs of issuing, administering and repaying the bonds, including costs of the services of bond counsel or other providers of bond-related services, and to pay the costs of a credit enhancement device or agreement for exchange of interest rates.


When a public body redeems bonds, the public body shall give notice of redemption in the manner specified in the documents authorizing the bonds to be redeemed.


A public body may delegate to an elected or appointed official or an employee of the public body the authority to take an action described in subsection (1) of this section.


Except as provided otherwise in this subsection, at least one of the signatures of bond signatories must be provided in manual form. However, if the bonds are to be authenticated by at least one signature in manual form, all signatures of bond signatories may be in facsimile form. [2007 c.783 §§48,49; 2009 c.538 §7; 2011 c.256 §2a]

Source: Section 287A.300 — Terms and conditions of bond sales; delegation of authority, https://www.­oregonlegislature.­gov/bills_laws/ors/ors287A.­html.

Definitions for ORS chapter 287A
Powers conveyed to public bodies
Authority of city to issue general obligation bonds
Authority of county to issue general obligation bonds
Limitation on bonded indebtedness of county
Ad valorem tax levy to pay general obligation bonds
Misspent proceeds of general obligation bonds
Authority of public body to issue revenue bonds
Short-term borrowing by public body
Compliance with constitutional or statutory debt limits
Terms and conditions of bond sales
Definitions for ORS 287A.310 and 287A.315
Pledge of full faith and credit and taxing power
Covenants of public bodies regarding pledges
Agreements for exchange of interest rates
Termination payment of conduit borrower
Credit enhancement devices
Public body purchase of own bonds
State taxation of bond interest
Public records
Current refunding bonds
Advance refunding bonds and forward current refunding
Proposed refunding plan for advance refunding bonds or forward current refunding
Maximum amount of advance refunding bonds
Tax levy to pay maturing general obligation advance refunding bonds
Interest on municipal warrants not paid on presentation
Warrants and checks more than two years old
Definitions for ORS 287A.482 to 287A.488
Master warrant procedure authorized if warrants would be not paid
Taxes must be levied for payment of claims included in master warrant
Oregon Municipal Debt Advisory Commission
Powers and duties of commission
Notice to commission of proposed issues
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