Oregon Statutes 287A.360 – Current refunding bonds
(1) In addition to any other authority to issue refunding bonds, a public body may issue current refunding bonds to refund or purchase its outstanding bonds.
Terms Used In Oregon Statutes 287A.360
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
- Revenue: means all fees, tolls, excise taxes, assessments, property taxes and other taxes, rates, charges, rentals and other income or receipts derived by a public body or to which a public body is entitled. See Oregon Statutes 287A.001
- Statute: A law passed by a legislature.
(2) A public body may secure current refunding bonds with any of the revenues and covenants that the public body could have used to secure the refunded or purchased bonds under the law in effect when the refunded or purchased bonds were issued and with revenues and covenants that the public body could have used to secure the refunded or purchased bonds if the laws that are in effect when the current refunding bonds are issued were in effect when the refunded or purchased bonds were issued.
(3) A public body may authorize current refunding bonds by resolution or ordinance without complying with the procedural requirements that applied to the refunded or purchased bonds, including issuing:
(a) General obligation bonds to refund or purchase outstanding general obligation bonds without obtaining approval of the electors of the public body.
(b) Revenue bonds to refund or purchase revenue bonds that were issued in accordance with ORS § 287A.150 without complying with the procedures prescribed in ORS § 287A.150.
(4) The maturities of current refunding bonds authorized by this section may not exceed by more than six months:
(a) Maturity limits that were established by the electors for the refunded or purchased bonds; and
(b) A maturity limit imposed by a provision of a constitution, charter or statute that applied to the refunded or purchased bonds, if the provision imposing the limit is in effect when the current refunding bonds are issued. [2007 c.783 § 54; 2009 c.538 § 9; 2011 c.256 § 1]