ORS 289.225
Sources of bond repayment restricted

  • recitations in bonds

(1)

Revenue bonds issued under this chapter shall not:

(a)

Be payable from nor charged upon any funds other than the revenue pledged to the payment thereof, nor shall the state be subject to any liability thereon. No holder or holders of such bonds shall ever have the right to compel any exercise of the taxing power of the state to pay any such bonds or the interest thereon, nor to enforce payment thereof against any property of the state except those projects or portions thereof, mortgaged or otherwise encumbered under the provisions and for the purposes of this chapter.

(b)

Constitute a charge, lien or encumbrance, legal or equitable, upon any property of the state, except those eligible projects, or portions thereof, mortgaged or otherwise encumbered, under the provisions and for the purposes of this chapter.

(2)

Each bond issued under this chapter shall recite in substance that the bond, including interest thereon, is payable solely from the revenue pledged to the payment thereof. No such bond shall constitute a debt of the state or a lending of the credit of the state within the meaning of any constitutional or statutory limitation. However, nothing in this chapter is intended to impair the rights of holders of bonds to enforce covenants made for the security thereof as provided in ORS 289.230 (Actions by bondholders to enforce rights). [1989 c.820 §14]

Source: Section 289.225 — Sources of bond repayment restricted; recitations in bonds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors289.­html.

Green check means up to date. Up to date

Current through early 2024

§ 289.225’s source at oregon​.gov