Rural Fire Protection Districts

ORS 478.850
Sources of bond payment restricted


(1)

Revenue bonds issued under ORS 478.845 (Revenue bonds authorized for fire safety systems) to 478.875 (Remedies for breach of loan contract):

(a)

Shall not be payable from nor charged upon any fund other than the revenue pledged to the payment of the revenue bonds.

(b)

Shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the city or district, except those moneys paid to the loan fund created by ORS 478.855 (Loan fund created from bond proceeds).

(2)

No holder of such revenue bonds shall ever have the right to compel any exercise of the taxing power of a city or district to pay the bonds or the interest on the bonds, or to enforce payment of the bonds against any property of the city or district except those moneys pledged in the loan fund created under ORS 478.855 (Loan fund created from bond proceeds).

(3)

A revenue bond issued under ORS 478.845 (Revenue bonds authorized for fire safety systems) to 478.875 (Remedies for breach of loan contract) shall not constitute a debt of the city or district within the meaning of any statutory limitation. [1995 c.725 §4; 2007 c.783 §210]
Note: See note under 478.840 (Definitions for ORS 478.845 to 478.875).
Chapter 478

Atty. Gen. Opinions

Propriety of office holding of a land owning nonresident elected director of a rural fire protection district, (1975) Vol 37, p 873

Law Review Citations

51 OLR 53 (1971)


Source

Last accessed
Jun. 26, 2021