Oregon § 225.280 Warrants on future income; limitations; retirement

Oregon Statutes

§ 225.280 — Warrants on future income; limitations; retirement

Oregon § 225.280

Vol.6

Title 21Cities

Ch. 225Municipal Utilities

This text of Oregon § 225.280 (Warrants on future income; limitations; retirement) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 225.280 (2026).

Text

(1)When authorized by the city charter, the officer referred to in ORS 225.220 as having charge of the electric plant or distributing system may execute its warrants upon the city treasurer, drawn against the funds created by and for the benefit of such plant or system in excess of the current cash on hand but not in an amount exceeding one-half of the estimated annual income for the next ensuing year, from such plant or system. The estimate of annual income shall be made by the officer referred to in ORS 225.220.

(2)Warrants so drawn in excess of the cash on hand in any such fund shall be stamped “Not Paid for Want of Funds” by the city treasurer, shall bear the legal interest from the date of such indorsement until the date of payment and shall be paid from the current receipts of the

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(1) When authorized by the city charter, the officer referred to in ORS 225.220 as having charge of the electric plant or distributing system may execute its warrants upon the city treasurer, drawn against the funds created by and for the benefit of such plant or system in excess of the current cash on hand but not in an amount exceeding one-half of the estimated annual income for the next ensuing year, from such plant or system. The estimate of annual income shall be made by the officer referred to in ORS 225.220.
(2) Warrants so drawn in excess of the cash on hand in any such fund shall be stamped “Not Paid for Want of Funds” by the city treasurer, shall bear the legal interest from the date of such indorsement until the date of payment and shall be paid from the current receipts of the plant or system. The warrant indebtedness shall not be considered or construed to be within the charter limitations respecting any municipal debt.
(3) Warrants issued pursuant to this section shall be retired in the order of their presentation for indorsement “Not Paid for Want of Funds” as funds are available.