§ 777.575 — Sale of bonds

Oregon § 777.575

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

Text

(1) The board may from time to time sell revenue bonds authorized pursuant to ORS 777.565, as provided by this section.
(2) Except as provided by subsections (3) and (4) of this section, the bonds shall be advertised for sale at least once each week for not less than two successive weeks in a newspaper of general circulation published within the port or, if there is no such newspaper, then in a newspaper published in the county. Bids shall be in writing and be sealed and, unless the bidder is the State of Oregon, accompanied by a certified check or a cashier’s check upon a bank doing business in this state in an amount not less than two percent of the par value of the bonds. Bids shall be opened publicly at the time and place specified in the advertisement. If the bids are not satisfactory, the board may reject any and all bids and may readvertise for bids in the manner provided by this subsection.
(3) The board may sell any of the bonds to the federal government or any agency thereof at private sale without advertisement or calling for bids.
(4) Revenue bonds including revenue bonds to refund such bonds of a port may be sold to any person either at a public or private sale without advertisement or calling for bids as the board may in its sole discretion determine.

Legislative History

1955 c.423 §5; 1959 c.337 §4; 1965 c.223 §5; 1967 c.416 §1; 1971 c.728 §89; 1981 c.94 §56