Oregon Statutes 223.886 – Loans authorized to finance improvements; security for loans; consent of electors
In carrying out the powers conferred by ORS § 223.882, the city may borrow money from any person, corporation or agency of the United States Government for the purchase of any real property described in ORS § 223.882, or for paying the cost of improvements on any real property, which improvements may include the construction of docks, wharves or other structures and appurtenant appliances or fixtures or machinery necessarily required to operate a wharf or dock. In borrowing money for any of these purposes the cities may secure money so borrowed by executing and giving a mortgage or similar indenture on any such real property and its revenues. If repayment of money borrowed for acquisition or improvement of any such real property is not to be secured solely by the real property and the income derived therefrom, then, before a debt for the purpose of this section or ORS § 223.882 can be contracted or incurred, the consent of the electors of the city must first be obtained. [Formerly 223.865]
Terms Used In Oregon Statutes 223.886
- City: includes any incorporated village or town. See Oregon Statutes 174.100
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100