Oregon Statutes 478.850 – Sources of bond payment restricted
(1) Revenue bonds issued under ORS § 478.845 to 478.875:
Terms Used In Oregon Statutes 478.850
- City: includes any incorporated village or town. See Oregon Statutes 174.100
- District: means a rural fire protection district proposed to be organized or organized under, or subject to, this chapter. See Oregon Statutes 478.001
- 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.
(a) Shall not be payable from nor charged upon any fund other than the revenue pledged to the payment of the revenue bonds.
(b) Shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the city or district, except those moneys paid to the loan fund created by ORS § 478.855.
(2) No holder of such revenue bonds shall ever have the right to compel any exercise of the taxing power of a city or district to pay the bonds or the interest on the bonds, or to enforce payment of the bonds against any property of the city or district except those moneys pledged in the loan fund created under ORS § 478.855.
(3) A revenue bond issued under ORS § 478.845 to 478.875 shall not constitute a debt of the city or district within the meaning of any statutory limitation. [1995 c.725 § 4; 2007 c.783 § 210]
See note under 478.840.