ORS 777.590
Authority to issue and sell revenue bonds
- leasing property and pledging revenues
(1)
ORS 777.560 (Ports may issue and sell revenue bonds) to 777.590 (Authority to issue and sell revenue bonds) are complete authority for the issuance and sale of revenue bonds and refunding revenue bonds. Any restrictions, limitations, conditions or procedure provided by other statutes relating to issuance and sale of bonds or other obligations do not apply to the issuance and sale of revenue bonds and refunding revenue bonds under ORS 777.560 (Ports may issue and sell revenue bonds) to 777.590 (Authority to issue and sell revenue bonds).(2)
The lease of any property of the port and the pledging of revenues therefrom to the payment of the costs and expenses enumerated by ORS 777.560 (Ports may issue and sell revenue bonds), and to the payment of principal and interest on bonds issued and sold under ORS 777.560 (Ports may issue and sell revenue bonds) to 777.590 (Authority to issue and sell revenue bonds), shall be considered to further the public interest within the meaning of ORS 271.310 (Transfer or lease of real property owned or controlled by political subdivision). [1955 c.423 §8; 1959 c.337 §7; 1965 c.223 §8; 1971 c.728 §91; 2005 c.443 §27](2)
Net proceeds of lottery bonds issued under this section must be transferred to the department for deposit in the ODAS Economic Development Distributions Fund established under ORS 461.553 (ODAS Economic Development Distributions Fund) for distribution to the Port of Cascade Locks to construct buildings and upgrade and expand infrastructure in the Port of Cascade Locks Business Park.(3)
The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that assisting in the establishment and expansion of businesses in Oregon and in the construction, improvement and expansion of infrastructure that comprises the physical foundation for industrial and commercial activities provide the basic framework for continued and expanded economic opportunities and quality communities. [2019 c.671 §20; 2021 c.682 §15]
Source:
Section 777.590 — Authority to issue and sell revenue bonds; leasing property and pledging revenues, https://www.oregonlegislature.gov/bills_laws/ors/ors777.html.
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