Oregon Statutes - Chapter 450 - Sanitary Districts and Authorities; Water Authorities - Section 450.905 - Notice of bond election.

Notice of a bond election shall contain:

(1) The information required by ORS 255.085 (3).

(2) If general obligation bonds, which are to be paid by particular areas in the authority, are to be issued, a statement that the bonds will be the general obligation of the entire authority but will be the primary obligation of the areas in the authority which will be directly benefited by the sewage treatment plants or trunk or lateral sewers or drains constructed with the proceeds of the bonds and paid through assessment, annual levy, or sewer service charges, or combinations thereof, as determined by the board under ORS 450.855 and designating specifically the boundaries of such area or areas.

(3) If revenue bonds are to be issued, a statement that the bonds will be payable solely out of designated revenues of the authority and will not be a general obligation of the authority or a charge upon the tax revenues of the authority. [1955 c.614 §43; 1971 c.647 §99; 1975 c.647 §41; 1989 c.923 §20]

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Last modified: August 7, 2008