Oregon Statutes - Chapter 287A - Local Government Borrowing - Section 287A.050 - Authority of city to issue general obligation bonds.

(1) A city may issue general obligation bonds to finance capital construction or capital improvements upon approval of the electors of the city.

(2) Unless the city charter provides a lesser limitation, a city may not issue or have outstanding at the time of issuance general obligation bonds in a principal amount that exceeds three percent of the real market value of the taxable property within its boundaries, calculated as provided in ORS 308.207.

(3) The limitation described in subsection (2) of this section does not apply to general obligation bonds issued to finance the costs of local improvements assessed and paid for in installments under statutory or charter authority or to finance capital construction or capital improvements for:

(a) Water supply, treatment or distribution;

(b) Sanitary or storm sewage collection or treatment;

(c) Hospitals or infirmaries;

(d) Gas, power or lighting; or

(e) Off-street motor vehicle parking facilities. [2007 c.783 §43]

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Last modified: August 7, 2008