Chapter 287A — Chapter 287A
35 sections in this chapter.
ORS 287A.001 Definitions for ORS chapter 287A. As used in this chapter
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(1) “Advance refunding bond” means a bond all or part of the proceeds of which are to be used to pay an outstanding bond one year or more after the advance refunding bond is issued. (2) “Agreement for exchange of interest rates” means a contract, or an option or forward commitmen…
ORS 287A.010 Powers conveyed to public bodies. The powers conveyed to public bodies by ORS 287A.001 to 287A.380 are in addition to any other powers possessed by public bodies and do not limit those other powers. [2007 c.783 §68]
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(General Obligation Bonds)
ORS 287A.050 Authority of city to issue general obligation bonds. (1) Upon approval of the electors of a city, the city may issue general obligation bonds to finance
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(a) Capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution. (b) Capital costs permitted by Article XI, section 11L, of the Oregon Constitution. (2) Unless the city charter provides a lesser limitation, a city may not …
ORS 287A.100 Authority of county to issue general obligation bonds. (1) Unless the county charter expressly provides otherwise, upon approval of the electors of a county, the county may issue general obligation bonds to finance
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(a) Capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution. (b) Capital costs permitted by Article XI, section 11L, of the Oregon Constitution. (2) Unless the county charter provides a lesser limitation, a county may …
ORS 287A.105 Limitation on bonded indebtedness of county. (1) A county may incur bonded indebtedness within the meaning of section 10, Article XI of the Oregon Constitution, by issuing revenue bonds when a county is expressly authorized to issue revenue bonds by a law other than this section. The amount of revenue bonds permitted by this section may not exceed the lesser of
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(a) One percent of the real market value of all taxable property in the county, calculated as provided in ORS 308.207; or (b) A limitation on bonded indebtedness in the county charter. (2) The limitation on bonded indebtedness in subsection (1) of this section does not apply to r…
ORS 287A.140 Ad valorem tax levy to pay general obligation bonds. (1) In addition to other taxes imposed, a public body shall levy annually an ad valorem property tax on the taxable property within the boundaries of the public body in an amount that is sufficient, when added to other amounts available, to pay the principal of and interest on outstanding general obligation bonds issued by the public body
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(2) A public body may: (a) Use the revenues from a levy under this section and earnings on the revenues only to pay the principal of and interest on general obligation bonds. (b) Not use or divert taxes levied under subsection (1) of this section for another purpose while princip…
ORS 287A.145 Misspent proceeds of general obligation bonds. (1) If a court of competent jurisdiction determines that the proceeds of an issue of general obligation bonds have been used by a public body for expenditures that are not capital costs permitted by Article XI, section 11L, of the Oregon Constitution, or that are not costs of capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution, the court may order the public body to
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(a) Replace the misspent proceeds with interest, on a reasonable schedule determined by the court, from moneys other than the tax revenues that the public body levies to pay the debt service; and (b) Use the replaced moneys, as appropriate, for capital costs, for the costs of cap…
ORS 287A.150 Authority of public body to issue revenue bonds. (1) In addition to any other authority to issue revenue bonds, a public body may authorize revenue bonds by resolution or nonemergency ordinance pursuant to this section for a public purpose
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(2) If revenue bonds are authorized by nonemergency ordinance, a public body may not sell the revenue bonds pursuant to this section until the period for referral of the ordinance has expired. If electors of a public body refer a nonemergency ordinance authorizing issuance of rev…
ORS 287A.180 Short-term borrowing by public body. (1) In addition to any other authority to issue revenue bonds, but subject to applicable limitations imposed by the Oregon Constitution or the charter or ordinance of the public body, a public body may issue revenue bonds pursuant to this section
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(a) In anticipation of tax revenues or other moneys; (b) To provide interim financing for capital projects to be undertaken by the public body; or (c) To refund revenue bonds issued pursuant to this section. (2) To secure revenue bonds authorized under this section, a public body…
ORS 287A.195 Compliance with constitutional or statutory debt limits. (1) When calculating compliance with a constitutional or statutory debt limit for a public body
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(a) The amount of interest to be paid on bonds, whether paid currently or deferred, is not taken into account. (b) For a zero coupon bond or other original discount bond on which periodic interest payments are not made, only the accreted value of the bond on the date the bond is …
ORS 287A.300 Terms and conditions of bond sales; delegation of authority. (1) Notwithstanding a local charter or statutory limitation, when a public body is authorized by law to issue bonds, the public body may
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(a) Combine bonds authorized by different laws or actions of the governing body into a single issue and use a single disclosure document if the bonds in the issue will have the same security, or may use a single disclosure document for bonds authorized by different laws or action…
ORS 287A.310 Definitions for ORS 287A.310 and 287A.315; lien of a pledge; Uniform Commercial Code. (1) As used in this section and ORS 287A.315
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(a) “Obligation” means: (A) A bond; (B) The commitment of a public body in connection with a credit enhancement device; or (C) An agreement for exchange of interest rates. (b) “Property” means: (A) Real or personal property, tangible or intangible, whether owned when a pledge is …
ORS 287A.315 Pledge of full faith and credit and taxing power. (1) A public body may pledge its full faith and credit and taxing power when the public body issues
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(a) A general obligation bond; or (b) An obligation that is secured by all lawfully available funds of the public body. (2) When a public body pledges its full faith and credit and taxing power to pay an obligation, the pledge constitutes an enforceable promise or contract by the…
ORS 287A.325 Covenants of public bodies regarding pledges. (1) The Legislative Assembly finds that
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(a) It is a matter of statewide concern that certain covenants made by public bodies regarding a pledge of revenues to secure bonds not be impaired by subsequent initiative or referendum measures. (b) The covenants described in paragraph (a) of this subsection usually are in the …
ORS 287A.335 Agreements for exchange of interest rates; rules. (1) As used in this section, “counterparty” means an entity with whom a public body enters into an agreement for exchange of interest rates
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(2) Upon a finding by a public body that an agreement for exchange of interest rates benefits the public body, the public body may enter into the agreement for exchange of interest rates with a counterparty. An agreement for exchange of interest rates may be made to manage paymen…
ORS 287A.339 Termination payment of conduit borrower. When a public body is authorized by law to issue bonds, the public body may lend moneys derived from an issuance and sale of bonds to a conduit borrower of proceeds from outstanding, previously issued conduit revenue bonds for the purpose of paying a termination payment required to be paid by the borrower under an agreement for exchange of interest rates entered into by the borrower in relation to the outstanding conduit revenue bonds. [2009 c.538 §6]
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Note: 287A.339 was added to and made a part of ORS chapter 287A by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
ORS 287A.340 Credit enhancement devices. (1) A public body may obtain a credit enhancement device and enter into related agreements
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(2) The public body may pay the provider of the credit enhancement device from the same sources that the public body may lawfully use to pay the related bonds or from any other legally available source. (3) The public body may issue a bond to the provider of a credit enhancement …
ORS 287A.343 Public body purchase of own bonds. (1) Notwithstanding any limitation in a local charter, a public body may bid for, purchase, hold, cause to be held in trust and remarket bonds issued by the public body
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(2) Except as otherwise provided in the operative documents, the purchase or acquisition of bonds under this section does not cancel or extinguish the bonds unless the public body elects in writing to cancel or extinguish the bonds. [2009 c.537 §4] Note: 287A.343 was added to and…
ORS 287A.345 State taxation of bond interest. Interest on bonds of a public body is exempt from personal income tax under ORS chapter 316. [2007 c.783 §65]
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[Repealed or reserved.]
ORS 287A.350 Public records. The records of registered bond ownership, whether maintained by a public body or otherwise, are not public records within the meaning of ORS 192.311. [2007 c.783 §69; 2017 c.456 §10]
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REFUNDING BONDS
ORS 287A.360 Current refunding bonds. (1) In addition to any other authority to issue refunding bonds, a public body may issue current refunding bonds to refund or purchase its outstanding bonds
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(2) A public body may secure current refunding bonds with any of the revenues and covenants that the public body could have used to secure the refunded or purchased bonds under the law in effect when the refunded or purchased bonds were issued and with revenues and covenants that…
ORS 287A.365 Advance refunding bonds and forward current refunding. (1) The Legislative Assembly declares that the issuance of advance refunding bonds and the authority to effect a forward current refunding are matters of general statewide concern, and ORS 287A.360 to 287A.380 preempt all local statutory or charter authority to issue advance refunding bonds or to effect a forward current refunding
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(2) A public body may issue advance refunding bonds or enter into forward current refundings in compliance with: (a) ORS 287A.360 to 287A.380; and (b) Rules adopted by the State Treasurer. (3) A public body may secure advance refunding bonds and forward current refunding bonds wi…
ORS 287A.370 Proposed refunding plan for advance refunding bonds or forward current refunding; rules; fees. (1) The State Treasurer shall review the plan of a public body to issue advance refunding bonds or to enter into a forward current refunding to determine whether the plan complies with applicable rules of the State Treasurer, as provided in this section
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(2) After adoption of an ordinance or resolution approving a plan to issue advance refunding bonds or to enter into a forward current refunding, a public body shall submit the refunding plan to the State Treasurer for review and approval. (3) After review of a proposed refunding …
ORS 287A.375 Maximum amount of advance refunding bonds. (1) As used in this section, “government obligations” means
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(a) Direct obligations of the United States of America or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America and bank certificates of deposit secured by the obligations; (b) Bonds, debentures, notes, certificates of p…
ORS 287A.380 Tax levy to pay maturing general obligation advance refunding bonds. (1) Pursuant to ORS 287A.140, a public body shall levy taxes to pay the maturing interest and principal of advance refunding bonds that are general obligation bonds
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(2) Notwithstanding ORS 287A.140 or any other provision of law, a public body may not cause a tax to be levied to pay the maturing interest and principal of general obligation bonds that have been defeased as described in ORS 287A.195 (2), unless the amounts held to defease the b…
ORS 287A.472 Interest on municipal warrants not paid on presentation. All warrants for payment of money issued by cities and other municipalities that are not paid upon presentation and so indorsed shall draw interest at the legal rate after such indorsements but municipalities may by proper resolution fix the rate at less than the legal rate and may make such interest payable semiannually. [Formerly 287.452]
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[Repealed or reserved.]
ORS 287A.474 Warrants and checks more than two years old; report by fiscal officer; claim by owner. (1) The county fiscal officer shall prepare a report of all warrants and checks issued more than two years prior to July 1 of that year that have not been paid, pursuant to ORS 98.352
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(2) The lawful owner of any warrant or check included in any list referred to in subsection (1) of this section, not presented to the county treasurer for payment and not paid, thereafter may file a claim with the State Treasurer in the manner provided by ORS 98.392 and 98.396. […
ORS 287A.482 Definitions for ORS 287A.482 to 287A.488. As used in ORS 287A.482 to 287A.488
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(1) “County fiscal officer” means: (a) The county accountant in counties where such office is established by law. (b) The county clerk in counties not having a county accountant. (2) “Master warrant” means a warrant or order issued and drawn pursuant to ORS 287A.486. [Formerly 28…
ORS 287A.484 Master warrant procedure authorized if warrants would be not paid. Whenever the county fiscal officer audits and approves a claim and issues a warrant therefor and at the same time or subsequently ascertains that the county treasurer has not sufficient moneys in the particular fund of the county from which the claim so approved and allowed is payable and that the warrant as issued against that fund for the payment of the claim would be indorsed “Not Paid for Want of Funds,” the county fiscal officer may, with approval by resolution of the county court or the board of county commissioners, issue a master warrant to any person for the purpose of obtaining money to pay such claim. The money shall be obtained only in the manner provided in ORS 287A.486. [Formerly 287.484]
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[Repealed or reserved.]
ORS 287A.486 Procedure. (1) The county fiscal officer shall draw a master warrant in the amount of one or more claims referred to in ORS 287A.484, payable to any person who is willing to accept the master warrant, and such person shall, upon delivery of the master warrant duly indorsed “Not Paid for Want of Funds,” pay to the county treasurer the full amount for which the master warrant is drawn
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(2) The amount paid under subsection (1) of this section shall constitute a special fund to be used toward the payment of warrants issued under ORS 287A.484 by the county fiscal officer in payment of claims audited and approved and included in the amount of any master warrant iss…
ORS 287A.488 Taxes must be levied for payment of claims included in master warrant. No master warrant shall be issued under ORS 287A.482 to 287A.488 unless taxes have been levied for the payment of all claims included in the master warrant and such taxes are in the process of being collected at the time of the issuance of the master warrant. [Formerly 287.488]
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OREGON MUNICIPAL DEBT ADVISORY COMMISSION
ORS 287A.630 Oregon Municipal Debt Advisory Commission; creation; term; compensation. (1) The Oregon Municipal Debt Advisory Commission is hereby created, consisting of the following seven members
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(a) The State Treasurer or the State Treasurer’s designee. (b) Three public body finance officers appointed by the Governor: (A) One of whom is an individual recommended by the Association of Oregon Counties. (B) One of whom is an individual recommended by the League of Oregon Ci…
ORS 287A.632 Meetings; quorum; personnel. (1) The Oregon Municipal Debt Advisory Commission shall meet
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(a) At the call of the chairperson; or (b) At the request of: (A) A majority of the members; (B) The State Treasurer; or (C) The Governor. (2) A majority of all members of the advisory commission constitutes a quorum for the transaction of business. (3) The office of the State Tr…
ORS 287A.634 Powers and duties of commission; rules; fees. (1) The Oregon Municipal Debt Advisory Commission may
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(a) Provide assistance and consultation, upon request of the state or a public body, to assist them in the planning, preparation, marketing and sale of new bond issues to reduce the cost of the issuance to the issuer and to assist in protecting the issuer’s credit. (b) Collect, m…
ORS 287A.640 Notice to commission of proposed issues; duty of public bodies to assist; rules. (1) The Oregon Municipal Debt Advisory Commission may, by rule, require a public body to provide the commission with prior notice of proposed issuance of new bonds in a form and at times specified by the commission
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(2) To assist the commission in carrying out its duties, a public body shall verify, at the request of the commission, the information maintained by the commission or the State Treasurer on the public body’s outstanding bonds. [Formerly 287.040] _______________