Oregon Revised Statutes Chapter 478 § 478.850 — Sources of bond payment restricted
Oregon Revised Statutes Chapter 478 ·
Oregon Code § 478.850·Enacted ·Last updated March 01, 2026
Statute Text
Sources of bond payment restricted.
(1) Revenue bonds issued under ORS 478.845 to 478.875:
(a) Shall not be
payable from nor charged upon any fund other than the revenue pledged to the
payment of the revenue bonds.
(b) Shall not
constitute a charge, lien or encumbrance, legal or equitable, upon any property
of the city or district, except those moneys paid to the loan fund created by
ORS 478.855.
(2) No holder of
such revenue bonds shall ever have the right to compel any exercise of the
taxing power of a city or district to pay the bonds or the interest on the
bonds, or to enforce payment of the bonds against any property of the city or
district except those moneys pledged in the loan fund created under ORS
478.855.
(3) A revenue
bond issued under ORS 478.845 to 478.875 shall not constitute a debt of the
city or district within the meaning of any statutory limitation. [1995 c.725 §4;
2007 c.783 §210]
Note:
See note under 478.840.
Plain English Explanation
This Oregon statute addresses Sources of bond payment restricted. AI-powered analysis coming soon.
Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 478.850
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
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