Rural Fire Protection Districts

ORS 478.855
Loan fund created from bond proceeds

  • other sources for fund


(1)

Proceeds of revenue bonds issued and sold under ORS 478.845 (Revenue bonds authorized for fire safety systems) to 478.875 (Remedies for breach of loan contract) that are to be used to fund loans to persons for acquisition and installation of fire safety systems in structures owned by the borrowers shall be deposited in a loan fund created for the purpose by a city or district.

(2)

In addition to proceeds from the sale of revenue bonds, the loan fund created by this section shall consist of:

(a)

Moneys repaid to the fund by borrowers who received loans from the fund.

(b)

Proceeds of the sales of structures acquired by the city or district as a result of loan defaults.

(c)

Other revenues, as defined in ORS 287A.001 (Definitions for ORS chapter 287A), as determined by the city or district. [1995 c.725 §7; 2007 c.783 §211]
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