Oregon Code § 523.470·Enacted ·Last updated March 01, 2026
Statute Text
Revenue bonds; terms; issuance.
In addition to the authority to issue general obligation bonds, the district,
when authorized at any properly called election, shall have the power to sell
and dispose of revenue bonds, and to pledge as security therefor all or any
part of the unobligated net revenue of the district or system, to purchase,
acquire, lay out, construct, reconstruct, extend, enlarge or improve a
geothermal heating system, for the purpose of obtaining geothermal heating for
the use of consumers, within or without the boundaries of the district. The
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, as specified by this section. The
revenue bond shall not be subject to the percentage limitation applicable to
general obligation bonds and shall not be a lien upon any of the taxable
property within the corporate limits of such district, but shall be payable
solely from such part of the revenues of the district as remain 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. [1975 c.782 §7]