(1) Neither the State Treasurer, the Director of the Housing and Community Services Department, the State Housing Council nor any officer or employee of the Housing and Community Services Department shall be liable personally on any bonds issued under ORS 456.515 to 456.725 by reason of the issuance thereof.
(2) All obligations issued by the State Treasurer under ORS 456.548 to 456.725 shall not constitute a debt, liability or general obligation of this state or any political subdivision thereof or a pledge of the faith and credit of this state or any such political subdivision, but shall be payable solely from the revenues or assets of the department acquired pursuant to ORS 456.548 to 456.725. Each obligation issued under ORS 456.548 to 456.725 shall contain on the face thereof a statement that the department shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of this state or any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligation.
(3) All bonds issued by the State Treasurer under ORS 456.548 to 456.725 shall be fully negotiable.
(4) The interest upon all bonds, including refunding bonds, issued by the State Treasurer under ORS 456.548 to 456.725 shall be exempt from personal income taxation in the State of Oregon. [1973 c.828 §15; 1979 c.327 §17a; 1981 c.23 §3; 1983 c.519 §6; 1987 c.414 §19; 1995 c.79 §259]
Section: Previous 456.635 456.640 456.645 456.650 456.655 456.660 456.661 456.665 456.670 456.675 456.680 456.685 456.690 456.692 456.695 NextLast modified: August 7, 2008