ORS 554.230
Bonds
- recitals
- payment
- liability of land
(1)
Bonds or obligations of the corporation shall refer therein to ORS 554.005 (Filing requirements) to 554.340 (Judicial determination of legality of proceedings) and to the resolution of the board of directors authorizing the same, and shall briefly recite the purpose for which issued. If they constitute a lien on the land described in the articles of incorporation they shall so state therein; otherwise they shall state that they and the interest thereon are payable by the revenue derived from the annual assessments by the corporation upon the land described in the articles of incorporation and the landowners’ notice, which assessments are lien-apportioned to every acre of such land and assessed for a fund pledged for the payment thereof, and that the corporation covenants to and with the holder thereof to make such assessments as required by the laws of Oregon and to pay the obligation (or bond) at the maturity therein provided, and further that the assessment required to be made for the payment thereof at maturity will not together with all other assessments required for payment of the debts and obligations, operation and maintenance, and other charges, exceed the limitations prescribed in the landowners’ notice.(2)
Upon the issue of any bond or obligation payable by revenue derived from assessment by the corporation upon the land for a fund designated in the resolution authorizing such issue, the land described in the articles of incorporation and the landowners’ recorded notice shall thereafter be and remain liable to be assessed for such payments as provided in and subject to the provisions of ORS 554.005 (Filing requirements) to 554.340 (Judicial determination of legality of proceedings).
Source:
Section 554.230 — Bonds; recitals; payment; liability of land, https://www.oregonlegislature.gov/bills_laws/ors/ors554.html.
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