§ 777.485 — Compromise and refunding agreements; contents; subsequent procedure; effect

Oregon § 777.485

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

Text

(1) A board may enter into agreement with the holders of its outstanding indebtedness providing for compromise of the indebtedness and the refunding thereof by the issuance of bonds under ORS 777.455. An agreement may provide for the amount of refunding bonds to be issued, the interest rate the bonds are to bear, the dates of maturity of the bonds and the amount of money to be raised by taxes each year to pay the principal of and interest on the bonds. When an agreement is entered into, a port shall have complete authority to issue bonds in accordance therewith.
(2) The board may provide in the ordinance authorizing such refunding bonds:
(a) For setting aside a sinking or other fund into a special trust fund for payment of the bonds.
(b) For the pledging of taxes and other revenues directly to the payment of the principal of or interest on the bonds or to the sinking fund.
(c) For limitations on subsequent borrowings by the port either in the nature of permanent debt or temporary financing.
(d) For limitations on the amounts of appropriations in subsequent budgets for operating expenses.
(3) A port has all necessary authority to carry out the terms and conditions so included in any such ordinance. The validity of the refunding bonds, however, shall not be dependent upon nor affected by the validity or regularity of the ordinance provisions enumerated in subsection (2) of this section.

Legislative History

Amended by 1971 c.728 §84