(1) In addition to any other authority to issue revenue bonds, but subject to applicable limitations imposed by the Oregon Constitution or the charter or ordinance of the public body, a public body may issue revenue bonds pursuant to this section:
(a) In anticipation of tax revenues or other moneys;
(b) To provide interim financing for capital projects to be undertaken by the public body; or
(c) To refund revenue bonds issued pursuant to this section.
(2) To secure revenue bonds authorized under this section, a public body may:
(a) Pledge all or part of the revenues of the public body that may lawfully be used to secure payment of the revenue bonds.
(b) Obtain credit enhancement devices for the revenue bonds authorized by this section.
(c) Establish debt service reserves.
(d) Enter into covenants, by ordinance, resolution or agreement, for the protection and security of the owners of revenue bonds authorized by this section. The covenants constitute enforceable contracts with the owners of the revenue bonds.
(3) Revenue bonds authorized by this section that are issued in anticipation of revenues and revenue bonds issued under subsection (1)(c) of this section:
(a) Must mature within 13 months after they are issued; and
(b) May not be issued in a principal amount that exceeds 80 percent of the taxes or other revenues, except grant moneys, that the public body has budgeted or otherwise reasonably expects to have available to pay the revenue bonds.
(4) Revenue bonds authorized by this section that are issued in anticipation of grant moneys or to provide interim financing for capital projects and revenue bonds issued under subsection (1)(c) of this section must mature not later than five years after the revenue bonds are issued.
(5) The debt limitations imposed by law or the charter of a public body do not apply to revenue bonds or credit enhancement devices authorized by this section. [2007 c.783 §47]
(Debt Limits)
Section: Previous 287A.010 287A.050 287A.100 287A.105 287A.140 287A.145 287A.150 287A.180 287A.195 287A.300 287A.310 287A.315 287A.325 287A.335 287A.340 NextLast modified: August 7, 2008