Rural Fire Protection Districts

ORS 478.870
Powers granted to enforce loan contracts and secure payment of bonds

  • reserve fund


In addition to any other powers granted by law, a city or district may:

(1)

Make all contracts, execute all instruments and do all things necessary or convenient for the exercise of the powers granted by ORS 478.845 (Revenue bonds authorized for fire safety systems) to 478.875 (Remedies for breach of loan contract), or for the performance of its covenants or duties, or in order to secure the payment of its bonds;

(2)

Enter into and perform such contracts and agreements with borrowers as the city or district considers proper and feasible for or concerning the financing and installation of fire safety systems;

(3)

Enter into covenants for the benefit of bond owners regarding the use and expenditure of moneys in the loan fund created by ORS 478.855 (Loan fund created from bond proceeds); and

(4)

Establish a reserve fund or account for the benefit of bond owners and provide that the reserve fund or account may be funded with bond proceeds, from moneys held in the general fund, an enterprise fund or other fund of the city or district or from such other revenues or sources as the governing body of the city or district may determine. [1995 c.725 §6]
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