(1) If the voters of a municipal corporation approve the issuance of general obligation bonds at a May election, the budget of the municipal corporation adopted under ORS § 294.456 or a supplemental budget adopted under ORS § 294.471 may include estimated requirements to pay debt service on the bonds during the ensuing year or each of the years of the ensuing budget period.

Terms Used In Oregon Statutes 294.477

  • 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.
  • 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.

(2) On or after July 1 and before September 15 following the election described in subsection (1) of this section, the governing body of the municipal corporation may adopt an ordinance or resolution imposing and categorizing a tax levy necessary to pay the estimated debt service on the bonds described in subsection (1) of this section. The portion of an ordinance or resolution that is adopted under this subsection does not become effective until the debt is incurred.

(3) The assessor of the county in which the municipal corporation is located shall accept a written notice certifying the estimated amount of ad valorem property taxes to be imposed by the municipal corporation pursuant to an ordinance or resolution adopted under subsection (2) of this section, or of a subsequent ordinance or resolution imposing and categorizing a tax levy in an amount that is less than the amount imposed under subsection (2) of this section, on or before September 15 of the property tax year, provided the governing body of the municipal corporation timely files for an extension under ORS § 310.060. [2017 c.26 § 2]

 

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