Chapter 370 — Chapter 370

ORS 370.005 [Repealed by 1983 c.327 §16]

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ORS 370.010 Authority to issue bonds. (1) Any county may issue bonds for the purpose of raising money to be used for the construction and maintenance of permanent roads in that county

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ORS 370.020 Road work plans, specifications and bids. The county court

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ORS 370.030 [Repealed by 1983 c.350 §232 (370.031 enacted in lieu of 370.030)]

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ORS 370.031 Election procedure to determine issuance of bonds under ORS 370.010. (1) This section establishes the procedure for determining whether a county shall issue bonds under ORS 370.010. The question shall be decided by election. The county court

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ORS 370.040 [Repealed by 1983 c.350 §331a]

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ORS 370.050 [Repealed by 1983 c.350 §331a]

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ORS 370.060 [Repealed by 1983 c.350 §331a]

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ORS 370.070 [Repealed by 1983 c.350 §331a]

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ORS 370.080 [Repealed by 1973 c.549 §1 (370.082 enacted in lieu of 370.080)]

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ORS 370.082 [1973 c.549 §2 (enacted in lieu of 370.080); repealed by 1983 c.350 §331a]

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ORS 370.084 [1973 c.549 §3; repealed by 1983 c.350 §331a]

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ORS 370.086 [1973 c.549 §4; repealed by 1983 c.350 §331a]

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ORS 370.090 [Repealed by 1983 c.350 §331a]

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ORS 370.100 [Repealed by 1983 c.350 §331a]

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ORS 370.110 [Repealed by 1983 c.350 §331a]

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ORS 370.120 County court’s use of money raised by sale of bonds. If the county court in its order calling an election under ORS 370.031 designates the particular roads to be built or improved by the money raised by the sale of bonds, the county court shall not use any of the money raised upon any other road or for any other purpose than those mentioned in the order. If the order does not designate any particular roads to be built or improved by the money raised, then the county court may expend the money raised from the sale of the bonds to build, improve or maintain such permanent roads within the county as the county court considers proper. [Amended by 1983 c.350 §234]

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ORS 370.130 Order declaring election results; contents and effect. If at any election under ORS 370.031 a majority of the electors voting at the election favors issuing the bonds, the county court shall enter an order in its journal declaring that fact. This order shall

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ORS 370.140 Issuance of bonds. After having entered the order as provided in ORS 370.130, the county court shall cause the bonds to be issued as prescribed in ORS chapter 287A. [Amended by 1981 c.94 §34; 2007 c.783 §175]

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ORS 370.150 Issuance of serial in lieu of term bonds. After the issuance of bonds has been authorized by an election held in accordance with ORS 370.031, 370.120 and 370.130, the county court, in lieu of bonds redeemable only at the time stated in the notice, may issue bonds and, in the order providing for their issuance, reserve the right to redeem any or all of them serially each year. When bonds are issued with such reservation, the redemption fund provided for in ORS 370.170 may be used each year, as it is collected, for the redemption of such proportion or percentage of the bonds as will redeem all of them at the end of the time fixed in the prior proceedings for maturity of the bonds, instead of being kept and deposited as provided by law or loaned as provided in ORS 370.200 until the final maturity of the bonds. [Amended by 1967 c.451 §21; 1983 c.350 §236]

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ORS 370.160 Option to issue redeemable term or serial bonds. In its discretion, the county court further may issue either term bonds or the serial bonds mentioned in ORS 370.150 with the option of redeeming them on and after certain interest-paying dates specified by the county court in the bonds. [Amended by 1997 c.171 §19; 2007 c.783 §176]

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ORS 370.170 Special bond redemption funds. Beginning with the fourth year after the bonds are sold the county court shall each year thereafter, until maturity of the bonds, set aside as a special fund for their payment such percentage of the face value of the bonds as at the date of their maturity shall aggregate their full face value. Where bonds are issued in different series maturing at different times a separate redemption fund shall be provided for each series

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ORS 370.180 Tax levy for redemption fund and bond interest. The amount necessary to provide the redemption fund and to pay the annual interest on outstanding bonds shall be added to the general levy of taxes as may be required, which tax shall be levied upon all the taxable property within the county

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ORS 370.190 [Repealed by 1967 c.451 §32]

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ORS 370.200 Loan of redemption funds. Whenever there are sufficient funds on hand in the bond redemption fund, the county treasurer with the approval of the county court may loan any money in the bond redemption fund, secured by first mortgage on improved real estate within the county at six percent interest per year. All applications for such loans shall be made in writing to the county treasurer, shall state the amount of the loan applied for and the security offered and shall be numbered consecutively as received and passed upon by the county court. The county court shall require an abstract of title of property and a written opinion from the district attorney of the county concerning the validity of the title of the lands offered as security. The county court may authorize or reject any loan. No loan shall be made in excess of 50 percent of the assessed valuation of the property offered as security. No expense shall be incurred by the county in loaning any such funds

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ORS 370.210 [Repealed by 1967 c.451 §32]

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ORS 370.220 [Repealed by 1967 c.451 §32]

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ORS 370.230 [Repealed by 1967 c.451 §32]

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ORS 370.240 Warrants in lieu of bonds. (1) After the issuance of bonds has been authorized by an election held in accordance with ORS 370.031, 370.120 and 370.130, the county court, in lieu of the issuance of any or all such bonds, may issue warrants drawn upon the county treasury for the purpose of securing any or all funds sought to be secured by the issuance of such bonds

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ORS 370.250 [Repealed by 1981 c.153 §79]

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