Oregon Statutes - Chapter 266 - Park and Recreation Districts - Section 266.512 - Authority for general obligation bonds; issuance and sale of general obligation bonds and revenue bonds.

(1) Whenever authorized by the electors, the district board may issue general obligation bonds of the district, not exceeding the principal amount stated in the notice of election and for the purpose therein named.

(2) The aggregate amount of general obligation bonds issued and outstanding at any one time shall in no case exceed two and one-half percent of the real market value of all taxable property of the district, computed in accordance with ORS 308.207.

(3) General obligation or revenue bonds must recite that they are issued under this chapter. All bonds shall be signed by the president of the district board and attested by the secretary. The interest coupons thereto annexed shall be signed by the president and secretary, by their original or engraved facsimile signatures.

(4) All general obligation and revenue bonds issued, including refunding bonds, shall be issued as prescribed in ORS chapter 287A. [1969 c.668 §26 (enacted in lieu of 266.510 and 266.520); 1981 c.94 §15; 1991 c.459 §363; 2007 c.783 §83]

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Last modified: August 7, 2008