(1)(a) The urban flood safety and water quality district may annually impose, assess and collect a tax on all taxable property located in the district in an amount sufficient to pay the principal and interest due in the fiscal year on outstanding general obligation bonds issued by the district.

Terms Used In Oregon Statutes 550.320

  • 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.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • 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.

(b) The tax imposed pursuant to this subsection shall be applied only in payment of the principal and interest due on bonds issued by the district. In addition, the district may apply any otherwise unobligated district funds toward payment of the principal and interest due on the bonds.

(2) The district is a municipal corporation for purposes of ORS § 294.305 to 294.565 and shall file a written notice with the county assessor as required under ORS § 310.060. [2019 c.621 § 18]

 

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