Oregon Statutes - Chapter 382 - Intrastate Bridges - Section 382.395 - Terms and conditions of bonds.

(1) The bonds mentioned in ORS 382.345 shall:

(a) Be in denominations of $100 or more, but not exceeding $1,000.

(b) Run not to exceed 30 years from the date of their respective issuance.

(c) Bear interest at a rate determined by the board of county commissioners, payable semiannually.

(d) Have interest coupons attached to them, one coupon for each interest payment that will be made.

(e) Be signed by the chairperson of the board of county commissioners and the county clerk. The interest coupons shall bear the printed facsimile signatures of the chairperson of the board of county commissioners and the county clerk.

(f) Be sealed with the seal of the county.

(g) Bear the certificate of the county treasurer over the signed statement that they have been registered in the treasurerís office, naming the date registered.

(h) Be issued in series and mature serially.

(2) The bonds and interest coupons shall:

(a) Be lithographed or printed on good bond paper.

(b) Be made payable to bearer, in any coin or currency which, at the time of payment, is legal tender for the payment of public and private debts within the United States.

(c) Be paid by the county treasurer upon presentation at the treasurerís office or at the fiscal agency of the state in New York City, upon the date of payment named thereon.

(3) Subject to subsections (1) and (2) of this section, denominations of the bonds, dates of maturity and dates when interest is payable may be determined by the board of county commissioners. [Amended by 1981 c.94 §35]

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Last modified: August 7, 2008