Oregon Statutes 328.348 – Security for school bond obligations
(1) Except for moneys subject to the intercept provided in ORS § 328.346 (1)(a), a school district may pledge as security for its obligation to reimburse the state under ORS § 328.346 (2) any:
Terms Used In Oregon Statutes 328.348
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- 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.
- 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.
- Personal property: All property that is not real property.
- School district: includes common and union high school districts. See Oregon Statutes 328.001
(a) Revenues received or held by the school district; or
(b) Real or personal property held by the school district.
(2) The lien of any pledge, mortgage or security interest granted by a school district under this section is valid and binding from the time the pledge is granted. The revenue or property is immediately subject to the lien without physical delivery, filing or other act, and the lien is superior to all other claims and liens of any kind whatsoever.
(3) The lien may be foreclosed by a proceeding brought in the circuit courts of the state and any tangible real or personal property subject to the lien may be sold upon an order of the court. The proceeds of the sale must be applied first to the payment of the costs of foreclosure and then to the amounts owing under ORS § 328.346 (2), with any remaining balance paid to the school district. [2013 c.722 § 79]
See note under 328.321.
[Repealed by 1957 c.53 § 3]