ORS 450.280
Circumstances and conditions under which State Treasurer may purchase sewerage system bonds


(1)

The State Treasurer may purchase from a district at private sale sewerage system bonds bearing interest at a rate agreed upon by the State Treasurer and the district. The bonds shall qualify for investment by the state only if the sewer connection charges and revenues of the sewerage system of the issuing district, after the payment of operation and maintenance expenses, are pledged wholly to the payment of the principal of and interest upon the bonds, and the issuing district shall covenant to levy ad valorem taxes upon all of the taxable property within its boundaries to meet deficiencies in the charges and revenues pledged, and only if the combined indebtedness for all public purposes, other than state or federal, within the boundaries of the district, including the proposed sewerage system indebtedness, but excluding obligations issued for other utilities that are self-supporting or self-liquidating or are approximately so, does not exceed 25 percent of the total real market value of all taxable property within the district as reflected in the last roll certified under ORS 311.105 (Certificate of taxes levied or imposed). The limitation shall apply only to districts that finance the costs of their sewerage systems under ORS 450.250 (Definitions for ORS 450.250 to 450.300) to 450.300 (Duty of treasurer to keep funds separate and to withhold tax receipts for bond payments). The limitation shall include the ratios of indebtedness to the total valuation, determined in like manner, of other subdivisions that overlap the district to an extent of more than 50 percent of the total value of the district. Indebtedness within the 25 percent limitation may be incurred by a district if approved by the electors of the district at an election called and held for that purpose. Notwithstanding that revenues may have been pledged to the payment of the principal of and the interest upon a particular issue of general obligation bonds owned by the state, the same revenues, with the approval of the State Treasurer, may be pledged to the payment of the principal of and the interest on additional issues of bonds purchased by the state from the district. The additional issues shall be on a parity with previous issues as to the pledge of charges and revenues. In order to complete the financing of a sewerage system, after bonds payable as to principal and interest from revenues and ad valorem taxation have been issued, the State Treasurer may purchase issues of general obligation sewerage system bonds of districts, payable only from ad valorem property taxes, provided such issues, together with other obligations of the district, do not exceed the debt limits specified in this section.

(2)

All bonds heretofore issued under authority of ORS 450.250 (Definitions for ORS 450.250 to 450.300) to 450.300 (Duty of treasurer to keep funds separate and to withhold tax receipts for bond payments) and sold to the state, and the proceedings under which they were issued, are approved, validated, ratified, and confirmed, and the bonds are the valid and legally binding general obligations of the issuing district. [1955 c.577 §7; 1957 c.121 §1; 1959 c.574 §2; 1971 c.647 §91; 1981 c.94 §39; 1981 c.804 §101; 1991 c.459 §403; 1995 c.79 §224]

Source: Section 450.280 — Circumstances and conditions under which State Treasurer may purchase sewerage system bonds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors450.­html.

450.005
Definitions for ORS 450.005 to 450.245
450.009
Formation purposes
450.045
Board members
450.055
Board officers
450.059
Election laws applicable
450.062
Increase of board membership from three to five members
450.065
Election of president
450.070
Meetings of board
450.075
Powers of sanitary district
450.082
District may contract for employee health care services or insurance
450.084
Payment for services or insurance by district
450.085
Adoption of regulations and ordinances
450.090
Deposit of district moneys
450.095
Bond election
450.110
District bonds
450.115
Use of proceeds of bond sale
450.120
Debt limitations
450.125
Payment of bonds
450.130
Sewer service charges
450.135
Ordinance declaring method of payment
450.140
Assessment ordinance
450.145
Entry of assessments in lien docket
450.150
Hearing of objections to proposed improvements
450.160
Collection and enforcement of delinquent liens
450.165
Preparation and approval of plans for drains and sewer installations
450.170
Levy of taxes
450.175
Collection of taxes
450.177
Filing boundary change with county assessor and Department of Revenue
450.215
Plans for division and disposal of properties
450.225
Effective date of annexation
450.245
Application of ORS 450.005 to 450.245 to districts organized under former laws
450.250
Definitions for ORS 450.250 to 450.300
450.255
Districts eligible for state help in financing sewerage systems
450.260
Conditions precedent to financing application
450.265
Bonds issued by district pursuant to ORS 450.250 to 450.300 are subject to State Treasurer control
450.270
Powers of State Treasurer in connection with ORS 450.250 to 450.300
450.275
State Treasurer approval of other bond issues by district whose bonds are owned by state
450.280
Circumstances and conditions under which State Treasurer may purchase sewerage system bonds
450.285
State Sanitary District Sewer Bond Fund
450.290
Provisions concerning liquidation of indebtedness incurred by district financing sewerage system under ORS 450.250 to 450.300
450.295
Refinancing indebtedness of district
450.300
Duty of treasurer to keep funds separate and to withhold tax receipts for bond payments
450.303
Purchase of general obligation bonds of sanitary districts
450.600
Joint authorities
450.605
Formation of joint authority by consolidation
450.607
Formation of joint authority that includes city or district by consolidation
450.610
Initiation of proceedings for consolidation
450.615
Contents of resolution
450.620
Assembly of governing bodies
450.625
Election result
450.630
Joint meeting of governing bodies after approval of consolidation
450.635
Board of directors of joint authority
450.640
Powers of joint authority
450.645
Election laws applicable
450.650
Board of directors
450.655
Methods of election of authority directors
450.658
Election of directors
450.660
Water authority formation
450.665
Formation of authorities under special districts law
450.675
Formation of authorities from areas within one or more counties
450.680
Formation of authorities by cities and water districts
450.685
Application of certain provisions to authorities
450.690
Public body
450.693
Services to other local governments authorized
450.695
Acquisition of water rights
450.700
Acquisition of water rights
450.705
Policy
450.710
Definitions for ORS 450.600 to 450.989
450.715
Areas which may be formed into sanitary authorities
450.722
Formation of water or sanitary authority may include dissolution of certain existing districts
450.785
Initiation of formation of sanitary authority by governing body without petition
450.787
Formation of authorities by cities and sanitary or drainage districts
450.788
Law applicable to dissolution of authority
450.790
Sanitary authority board
450.793
Election laws applicable
450.795
Nomination and election of first board members
450.800
Regular and special elections
450.806
General powers of board
450.808
General duties of authority manager
450.810
Board may adopt and enforce ordinances for sanitary purposes
450.815
General powers of authority
450.817
Services to other local governments authorized
450.820
Authority may maintain garbage collection system and engage in insect control activities
450.825
Plan for sewage disposal and drainage to be developed by authority
450.830
Authority may construct and operate sewage disposal and drainage systems
450.835
Contract for or purchase of sewage disposal and drainage systems
450.837
Water and sanitary authority as municipality for purpose of enforcing plumbing code
450.840
Costs for construction and operation of systems and general expenses of sanitary authority
450.845
Areas needing sewerage installations to be determined and plans for installations to be made
450.850
Hearing on board’s proposed construction plans and estimated special assessments
450.855
Action board may take at hearing concerning boundaries, installations to be constructed, costs and financing
450.860
Portion of installation construction costs in an authority chargeable to area benefited
450.865
Ordinance specifying action of board at hearing
450.867
Election on ordinance adopted under ORS 450.865
450.870
Assessments against benefited property
450.875
Collection of delinquent assessments by lien foreclosure procedure
450.880
Sewer service charges
450.885
Tax levies on property in the authority
450.890
Collection of taxes
450.895
Bonds, general obligation or revenue or combination of both
450.897
Bancroft Bonding Act applicable
450.900
Election on bond issues
450.905
Notice of bond election
450.915
Issuance of bonds
450.920
Disposition of proceeds of sale of bonds
450.925
Issuance of refunding bonds
450.930
Redemption of bonds before maturity dates
450.945
Custody and disbursement of authority funds by county treasurer
450.947
Contracts for medical, dental and hospital services
450.949
Payment of contract costs by authority and by employee
450.963
Employees’ retirement system
450.967
Funding of retirement plan
450.971
Employee contribution
450.973
Eligibility for retirement plan
450.977
Tax levy to finance programs under ORS 450.947 to 450.977
450.980
Procedure for testing proceedings and acts of sanitary authorities
450.985
Authority of South Suburban Sanitary District of Klamath Falls to incur indebtedness
450.987
Annexation by city of water or sanitary authority territory
450.988
Filing boundary change with county assessor and Department of Revenue
450.989
Apportionment of cost among serviced property owners
450.990
Penalties
Green check means up to date. Up to date