Ports Generally

ORS 777.500
Advertisement of bonds

  • bids
  • rejection of bids
  • readvertisement
  • time of sale limited


(1)

Refunding bonds shall be advertised for sale at least once each week for not less than two successive weeks in a newspaper of general circulation published within the port or, if there is no such newspaper, then in a newspaper published in the county in which the port is located.

(2)

All bids for such bonds shall be in writing and be sealed and, unless the sale is made to the sinking fund of the particular port or to the State of Oregon, shall be accompanied by a certified check or a cashier’s check upon a bank doing business in this state for an amount of not less than two percent of the par value of the bonds for which the bid is submitted. Bids shall be opened publicly at the time and place specified in the advertisement. The bonds shall be sold for cash.

(3)

If the bids for the purchase of the bonds are not satisfactory, the board may reject any and all of the bids and may readvertise for bids in the manner provided by this section.

(4)

The date of sale shall not precede by more than four months the first succeeding date upon which the bonds to be refunded thereby will mature or may be called, redeemed or otherwise retired. [Amended by 1971 c.728 §79; 1981 c.94 §55]
§§ 777.005 to 777.725

Law Review Citations

51 OLR 53 (1971)

Chapter 777

Notes of Decisions

Port district's power to formulate rules and regulations to prevent estuary and stream pollution within its boundaries did not give it standing to object to power supply contract between Bonneville Power Administration and proposed aluminum plant. Port of Astoria v. Hodel, 595 F2d 467 (1979)


Source

Last accessed
Jun. 26, 2021