(1) Revenue bonds issued under ORS 478.845 to 478.875:
(a) Shall not be payable from nor charged upon any fund other than the revenue pledged to the payment of the revenue bonds.
(b) Shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the city or district, except those moneys paid to the loan fund created by ORS 478.855.
(2) No holder of such revenue bonds shall ever have the right to compel any exercise of the taxing power of a city or district to pay the bonds or the interest on the bonds, or to enforce payment of the bonds against any property of the city or district except those moneys pledged in the loan fund created under ORS 478.855.
(3) A revenue bond issued under ORS 478.845 to 478.875 shall not constitute a debt of the city or district within the meaning of any statutory limitation. [1995 c.725 §4; 2007 c.783 §210]
Note: See note under 478.840.
Section: Previous 478.750 478.760 478.810 478.820 478.830 478.840 478.845 478.850 478.855 478.860 478.865 478.870 478.875 478.880 478.885 NextLast modified: August 7, 2008