Oregon Code § 266.514·Enacted ·Last updated March 01, 2026
Statute Text
Revenue bonds; issuance; conditions.
In addition to the authority to issue general obligation bonds, a district,
when authorized by a majority of those voting at an election called for that
purpose, may sell and dispose of revenue bonds, and pledge as security therefor
all or any part of the unobligated net revenue of the district or a
recreational facility of the district, to purchase, acquire, construct,
reconstruct or improve a facility, or to perform any of those acts in
combination, for any authorized purpose. Revenue bonds shall be issued in the
same manner and form as are general obligation bonds of the district, but they
shall be payable, both as to principal and interest, from revenues only.
Revenue bonds shall not be subject to the limitation provided by ORS 266.512
applicable to general obligation bonds and shall not be a lien upon any of the
taxable property within the limits of the district. Revenue bonds shall be
payable solely from such part of the revenue of the district as remains after
payment of obligations having a priority and of all expenses of operation and
maintenance of the district, including any taxes levied against it. All revenue
bonds shall contain a clause reciting that both the principal and interest are
payable solely from operating revenues of the district remaining after paying
such obligations and expenses. [1969 c.668 §26a]