§ 777.415 — Resolution and election prerequisite to issuance of bonds

Oregon § 777.415

• Jurisdiction: Oregon
• Vol.: 19
• Title 58: Shipping and Navigation
• Ch. 777: Ports Generally

Text

When it is proposed to borrow money or to sell and dispose of bonds as authorized by ORS 777.410 (1), a board shall first pass a resolution authorizing the borrowing of money and the issuance and sale of bonds. The resolution shall state the amount of money to be raised, the maximum rate of interest that the bonds will bear and the nature and terms of the bonds. The resolution also shall state the general purpose for which the moneys to be raised are to be used. The question of issuance of the bonds shall then be referred by the board to the electors of the port at a special election to be called for that purpose. The money raised shall be expended for no other purpose than that expressed in the resolution and the purpose shall be stated in the ballot title used in the election. A contract involving the expenditure of funds to be raised under ORS 777.410 (1) shall not be entered into by the board until the borrowing of the funds is approved by a majority of those voting on the question at the special election provided for by this section.

Legislative History

Amended by 1957 c.375 §2; 1971 c.647 §142; 1971 c.728 §72