Oregon Statutes 280.480 – Powers and rights of bondholders
Subject to any contractual limitation binding upon the holders of any issue of revenue bonds, or a trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or any trustee therefor, for the equal benefit and protection of all bondholders similarly situated, may:
Terms Used In Oregon Statutes 280.480
- City: includes any incorporated village or town. See Oregon Statutes 174.100
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Trustee: A person or institution holding and administering property in trust.
(1) By action or proceeding for legal or equitable remedies, enforce their rights against the city and any of its officers, agents and employees, and may require and compel the city or any such officers, agents or employees to perform and carry out its and their duties and obligations under ORS § 280.410 to 280.485 and its and their covenants and agreements with bondholders;
(2) By action, require the city to account as if it was the trustee of an express trust;
(3) By action, enjoin any acts or things which may be unlawful or in violation of the right of the bondholders;
(4) Bring action upon the bonds;
(5) Foreclose any mortgage or lien given under the authority of ORS § 280.410 to 280.485 and cause the property standing as security to be sold under any proceedings permitted by law or equity; and
(6) Exercise any right or remedy conferred by ORS § 280.410 to 280.485 without exhausting and without regard to any other right or remedy conferred by ORS § 280.410 to 280.485 or any other law of this state, none of which rights and remedies is intended to be exclusive of any other, and each is cumulative and in addition to every other right and remedy. [1977 c.772 § 15; 1979 c.284 § 131]