ORS 777.940
Power to issue general obligation bonds

  • limitation
  • dedication of revenues
  • use of proceeds

(1)

For the purpose of carrying into effect any of the powers granted to the port, the port has the power to borrow money and to sell and dispose of bonds which shall constitute a general obligation of the port and be secured by the port’s full faith and credit. Such bonds outstanding at one time shall never exceed in the aggregate one and three-fourths percent of the real market value of all taxable property within the limits of the port, computed in accordance with ORS 308.207 (Computation of real market value for taxing or bonding limitations). The bonds shall be secured by the taxing power of the port as provided in ORS 777.430 (Taxing powers of ports) (2). In addition, the port may provide that the bonds shall be payable from and secured by a lien and pledge of all or any part of the revenues derived by the port from the facilities constructed from the proceeds of the bonds.

(2)

The port may provide for the creation of special trust funds and may authorize the appointment of a trustee to administer the same and may obligate itself to set aside and pay into a special trust fund any revenues pledged to the payment of the bonds. The port may establish and provide from available funds for the funding of debt service, operation and maintenance reserves.

(3)

Proceeds from the sale of the bonds may also be used to pay the costs incurred in issuing the bonds, preliminary work incident to carrying out such powers, including but not limited to planning, engineering, inspection, accounting, fiscal, legal and trustee expenses and other similar expenses, and to pay interest on the bonds for such period as the port may determine, but not to exceed six months beyond completion of the facilities financed with the bonds, and to establish reserves for debt service on the bonds. [1987 c.565 §12; 1991 c.459 §442]

Source: Section 777.940 — Power to issue general obligation bonds; limitation; dedication of revenues; use of proceeds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors777.­html.

777.005
Definitions for ORS 777.005 to 777.725 and 777.915 to 777.953 777.010
Areas that may be included in port 777.050
Operation and effect of proclamation 777.065
Development of port facilities at certain ports as state economic goal 777.080
Application of special district election laws to ports 777.090
Agreements between ports 777.095
Agreement between Port of Astoria and State Land Board concerning deepwater port facility at Tongue Point 777.100
Annual report to legislative committees concerning agreements made under ORS 777.090 777.105
Bay, river and harbor improvement 777.108
Agreements between two or more ports 777.110
Contracts with federal government 777.112
Contracts or intergovernmental agreements between ports and others 777.113
Port assistance to public bodies within port boundaries 777.116
Port may acquire real and personal property 777.120
Port’s authority over harbors, wharf lines and navigation 777.125
Ports may maintain tug and pilotage service 777.132
Authority of ports to distribute water 777.135
Board of port commissioners 777.137
Designation of position numbers for commissioners 777.140
Board meetings 777.150
Port employees 777.155
Division of ports into subdistricts 777.160
Representation by subdistricts 777.165
Vacancies 777.180
Powers of ports created by special laws 777.190
Ordinances for policing or regulating of port property 777.195
Port may engage in certain water commerce-related activities 777.210
Port may engage in certain port management activities 777.220
Port may collect certain fees from port users 777.230
Port may generate electric power 777.240
Port may advertise and promote facilities, commerce and activities 777.250
Port powers with respect to development and use of its lands 777.258
General powers of port in promotion of certain interests 777.262
Port dredging activities 777.267
Marine Navigation Improvement Fund 777.271
Authority of rural ports to operate telecommunications facilities 777.273
Authority of ports to operate pipelines 777.277
Definitions for ORS 777.277 to 777.287 777.282
Channel Deepening Account 777.284
Grant agreement with primary sponsor 777.287
Agreements with federal agencies 777.326
Special procedure for annexations increasing by one-half or more the area or assessed value of taxable property within the port 777.347
Consent of Department of State Lands for state lands 777.353
Annexation of enclave 777.365
Name change of port 777.405
Deposit and disbursement of moneys 777.410
Ports may borrow money and issue bonds 777.415
Resolution and election prerequisite to issuance of bonds 777.430
Taxing powers of ports 777.435
Levy, assessment and collection of taxes 777.437
Filing boundary change with county assessor and Department of Revenue 777.440
Levy of special tax by county court upon default of port officers 777.445
Procedure subsequent to levy under ORS 777.440 777.447
Promissory notes authorized for port development purposes 777.455
Authority to issue refunding bonds for specified purposes 777.460
Refunding bonds 777.465
Disposition of refunding bonds 777.470
Levy of tax to meet principal and interest 777.475
Remedies of holders of refunding bonds on default 777.480
Construction of ORS 777.455 to 777.505 777.485
Compromise and refunding agreements 777.500
Advertisement of bonds 777.505
Delivery of bonds to purchaser 777.510
Port warrants 777.515
Payment of warrants 777.520
Special tax levy, rate, use of proceeds 777.530
Special assessments for local improvement 777.535
Installment payment of special assessment 777.560
Ports may issue and sell revenue bonds 777.565
Resolution or ordinance authorizing revenue bonds and creating special trust fund 777.570
Form of bonds 777.575
Sale of bonds 777.585
Refunding revenue bonds 777.590
Authority to issue and sell revenue bonds 777.605
Special elections 777.705
Definitions for ORS 777.705 to 777.725 777.710
Payment of bonus explained 777.715
Ports may pay bonuses in aid of water transportation and may charter vessels 777.720
Discretion of board in making payment 777.725
Borrowing money to pay bonus 777.755
Legislative findings and policy 777.760
Definitions for ORS 777.755 to 777.800 777.763
Export trading corporation 777.765
Powers of export trading corporation 777.767
Authorized agreements 777.770
Additional fiscal powers of export trading corporation 777.773
Status of obligations of export trading corporation 777.775
Status of export trading corporation 777.780
Board of directors 777.783
Board meetings 777.785
Meetings of board to be open to public 777.787
Chief executive officer of export trading corporation 777.790
Employees of export trading corporation 777.793
Disclosure of commercial or financial information prohibited 777.795
Right to inspect records of export trading corporation 777.800
Annual report 777.915
Definitions for ORS 777.915 to 777.953 777.917
Oregon International Port of Coos Bay 777.920
Board of port commissioners 777.923
Qualifications of port commissioners 777.925
Appointment of port commissioners 777.927
Removal of port commissioner for malfeasance 777.930
Removal of port commissioner for lack of attendance 777.933
Board meetings 777.935
Board officers 777.937
Board to report to Legislative Assembly 777.940
Power to issue general obligation bonds 777.943
Issuance of bonds 777.945
Certain uses of bond proceeds prohibited in absence of elector approval 777.947
Limitation on annual issuance and aggregate amount of bonds in absence of elector approval 777.950
Certain uses of proceeds of bonds issued without elector approval prohibited 777.953
Annexation 777.990
Penalties
Green check means up to date. Up to date

Current through early 2024

§ 777.940’s source at oregon​.gov