§ 224.450 — Validation of revenue bonds issued by cities of less than 100,000; sale of bonds to federal government

Oregon § 224.450

• Jurisdiction: Oregon
• Vol.: 6
• Title 21: Cities
• Ch. 224: City Sewers and Sanitation

Text

All bonds or other obligations issued prior to November 15, 1936, by any city or town of less than 100,000 population, for the purpose of financing in whole or in part the construction, enlargement, extension, repair or improvement of a sewer system, including a sewage treatment or disposal plant and all facilities appurtenant to such system or connected therewith, where such bonds or other obligations are payable or will be payable solely from the gross or net revenues of such sewer system or any part thereof, including the revenues of improvements, additions and extensions thereto which may thereafter be constructed or acquired, as well as the revenues of the existing sewer systems, plants or properties, if any, so enlarged, extended, repaired or improved, and all proceedings for the authorization and issuance of such bonds or other obligations and the sale, execution and delivery thereof, hereby are validated, ratified, approved, authorized and confirmed, notwithstanding that the amount of such bonds or other obligations, together with the amount of bonds or other obligations of such city or town outstanding at the time of the issuance thereof, exceeds or will exceed any limitation or restriction on the amount or percentage of indebtedness or of outstanding bonds or other obligations of such city or town contained in the charter of such city or town or in any general or special law, and notwithstanding any defects or irregularities in such proceedings, and without regard to the fact that such bonds or other obligations may have been issued pursuant to the charter of such city or town or pursuant to any general or special law. Notwithstanding any provision in such proceedings that such bonds or other obligations shall be issued in manner and form satisfactory to the Reconstruction Finance Corporation, or that such bonds or other obligations shall be sold to the Reconstruction Finance Corporation, such bonds or other obligations may be sold to the United States of America, through the appropriate federal officer, agency or instrumentality in manner and form satisfactory to such officer, agency or instrumentality. The bonds or other obligations issued and sold prior to November 15, 1936, are the binding and legal obligations of the city or town issuing them in the actual form in which those bonds and obligations have been issued.