ORS 328.255
Registration of bonds and negotiable interest-bearing warrants

  • delivery
  • disposition of proceeds of sale of bonds
  • noncontestability

(1)

The county treasurer or county fiscal officer shall register each school district bond, including refunding bonds, and negotiable interest-bearing warrants in a book kept for that purpose, noting the school district, amount, date, time and place of payment, rate of interest and such other facts as may be deemed proper. The county treasurer or fiscal officer shall cause the bonds or warrants to be delivered promptly to the purchasers thereof upon payment therefor, and if the place of delivery is outside the city in which the county treasurer or county fiscal officer’s office is situated the cost of delivery of the bonds or warrants shall be paid by the issuing school district.

(2)

The county treasurer or county fiscal officer or a custodial officer as defined in ORS 294.004 (Definitions) may hold the proceeds of the sale of the bonds or warrants for all school districts subject to the order of the district school board to be used solely for the purpose for which the bonds or warrants were issued. If the treasurer or fiscal officer holds the proceeds initially, then the treasurer or fiscal officer, as soon as practicable, shall deliver the proceeds of the sale of the bonds and warrants to the person designated as custodian of the school district funds under ORS 328.441 (Custody and disbursement of school district funds).

(3)

When the bonds or warrants have been so executed, registered and delivered, their legality shall not be open to contest by the school district, or by any person for or on its behalf, for any reason whatever. [Amended by 1953 c.236 §2; 1955 c.312 §1; 1965 c.100 §57; 1981 c.441 §1; 2003 c.226 §7]

Source: Section 328.255 — Registration of bonds and negotiable interest-bearing warrants; delivery; disposition of proceeds of sale of bonds; noncontestability, https://www.­oregonlegislature.­gov/bills_laws/ors/ors328.­html.

Notes of Decisions

Since ORS 294.035 together with this section and ORS 328.441 do not define county treasurer’s investment of school district proceeds as “use,” treasurer’s pooling of proceeds with those of other governments for investment was not “use” but was rather the manner in which treasurer exercised custody over funds. Urban Renewal Agency v. Swank, 54 Or App 591, 635 P2d 1344 (1981), Sup Ct review denied

Attorney General Opinions

Designation of county treasurer as custodian of district funds by certain school districts, (1974) Vol 36, p 827

328.001
Definitions for chapter 328.005
County school fund 328.015
Apportionment to districts 328.030
Partial apportionments 328.045
Apportionment of excess amounts 328.105
Sources 328.110
Custodian of fund 328.115
Loan of fund and rental of lands 328.120
Board of Douglas County School Fund commissioners 328.125
Law concerning Common School Fund to apply 328.130
Loans to be made in name of treasurer 328.135
Fees for services of county officers 328.140
Sale, rental or lease of property 328.155
Sources 328.160
Custodian of fund 328.165
Investment and loan of fund and rental of lands 328.170
Directors as fund commissioners 328.175
Laws governing loans of Common School Fund to apply 328.180
Loans to be made in name of clerk 328.185
Fees for services of clerk 328.190
Sale and conveyance of property 328.205
Power to contract bonded indebtedness 328.210
Bond elections 328.213
Issuance of negotiable interest-bearing warrants 328.230
Issuance of bonds upon favorable vote 328.240
Place of payment 328.245
Limitation on bonded debt of districts generally 328.250
Limitation on bonded indebtedness of enlarged or reorganized school districts 328.255
Registration of bonds and negotiable interest-bearing warrants 328.260
Tax levy to pay interest and principal of bonds 328.265
School district bond tax levied by county 328.270
Payment of principal and interest 328.275
Redemption and payment of bonds 328.280
Funding or refunding district indebtedness 328.284
Funds diversion agreement related to payment on revenue bonds 328.295
Issuance of bonds and interest-bearing warrants 328.300
Marketing bonds jointly or through association 328.304
County education bond district 328.316
Impact aid revenue bonds 328.318
Funds required for impact aid revenue bonds 328.321
Definitions for ORS 328.321 to 328.356 328.326
State guaranty of school bonds allowed 328.331
Certificate evidencing qualification for state guaranty 328.336
Determination of ineligibility 328.341
Transfer by school districts or State Treasurer of moneys to pay debt service on school bonds 328.346
Recovery from school districts of payments on school bonds by State Treasurer 328.348
Security for school bond obligations 328.351
Powers of State Treasurer when state funds are insufficient for payment of debt service 328.356
State Treasurer subject to provisions regarding issuance of general obligation bonds 328.361
Short title 328.441
Custody and disbursement of school district funds 328.445
Disbursement of school funds by check or warrant 328.450
School warrant procedure 328.460
Cancellation of school warrants not presented for payment within seven years 328.465
Annual audit procedure 328.467
Audit determinations 328.470
Purchase of automotive equipment 328.542
Preparation of district budget 328.555
Property liable for district indebtedness 328.565
Power to create indebtedness 328.570
Division of district into tax zones 328.573
Notice of public hearing on tax zones 328.576
Public hearing 328.579
Determination of tax in zones
Green check means up to date. Up to date

Current through early 2024

§ 328.255’s source at oregon​.gov