Oregon § 777.447 Promissory notes authorized for port development purposes; limitations; form; payment

Oregon Statutes

§ 777.447 — Promissory notes authorized for port development purposes; limitations; form; payment

Oregon § 777.447

Vol.19

Title 58Shipping and Navigation

Ch. 777Ports Generally

This text of Oregon § 777.447 (Promissory notes authorized for port development purposes; limitations; form; payment) 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. § 777.447 (2026).

Text

In addition to other powers granted a port, a port may, at any time, upon proper resolution adopted by the board, issue promissory notes to assist it in carrying out the powers granted the port under this chapter. The promissory notes shall not exceed a term of 10 years, shall be considered bonds for purposes of ORS chapter 287A and shall be issued as prescribed in ORS chapter 287A. A port may not have more than $10 million in promissory notes outstanding at any one time and may not pledge or use tax-derived revenues to retire the notes. The notes shall be signed by the president and the treasurer of the port and shall state what assets and revenues of the port shall be security for the notes and that the notes do not constitute a full faith and credit pledge of the port. No officer or emp

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In addition to other powers granted a port, a port may, at any time, upon proper resolution adopted by the board, issue promissory notes to assist it in carrying out the powers granted the port under this chapter. The promissory notes shall not exceed a term of 10 years, shall be considered bonds for purposes of ORS chapter 287A and shall be issued as prescribed in ORS chapter 287A. A port may not have more than $10 million in promissory notes outstanding at any one time and may not pledge or use tax-derived revenues to retire the notes. The notes shall be signed by the president and the treasurer of the port and shall state what assets and revenues of the port shall be security for the notes and that the notes do not constitute a full faith and credit pledge of the port. No officer or employee of the port shall hold promissory notes under this section. Expenditure of note proceeds and payment on notes issued under this section shall first be properly budgeted in accordance with the Local Budget Law.