(1) All principal of and interest on bonds issued pursuant to ORS § 468.263 to 468.272 shall be payable solely out of the revenues, proceeds and receipts from the lease or sale of the property, loan repayments, or out of the proceeds of revenue bonds issued pursuant to ORS § 468.263 to 468.272 as shall be specified in the proceedings of the governing body by which the issuance of bonds shall have been authorized. The principal and interest shall not constitute nor give rise to a pecuniary liability of the municipality or a charge against its general credit or taxing powers, and such limitation shall be plainly stated upon the face of each bond.

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(2) The bonds:

(a) May be executed and delivered at any time and from time to time;

(b) May be in such form, denomination, tenor and maturity;

(c) May be in registered or bearer form either as to principal or interest or both, and may provide for conversion between registered and coupon bonds of varying denominations;

(d) May be payable in such installments and at such time or times not exceeding 40 years from the date thereof;

(e) May be payable at such place or places within or without this state;

(f) May bear interest at such rate or rates payable at such time or times and at such place or places;

(g) May be redeemable prior to maturity with or without premium;

(h) May be executed by such officers and in such manner;

(i) May contain such provisions not inconsistent with ORS § 468.263 to 468.272;

as shall be specified in the proceedings of the governing body by which issuance of the bonds shall have been authorized.

(3) Bonds may be sold at public or private sale in such manner and from time to time as may be determined by the governing body to be most advantageous.

(4) Issuance by the county of one or more series of bonds for one or more purposes shall not preclude it from issuing other bonds in connection with the same purpose or any other purpose, but the proceedings whereunder any subsequent bonds may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue of bonds.

(5) Any bonds of the county at any time outstanding may be refunded if permitted by the conditions of issuance, at any time and from time to time by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon and any premiums and commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby, or by the exchange of the refunding bonds for the bonds to be refunded thereby with the consent of the holders of the bonds so to be refunded, and regardless of whether or not the bonds to be refunded were issued in connection with the same facilities or separate facilities, and regardless of whether or not the bonds proposed to be refunded shall be payable at the same date or different dates or shall be due serially or otherwise.

(6) All bonds issued under ORS § 468.263 to 468.272 and interest coupons attached thereto shall be construed to be negotiable instruments. [1974 c.34 § 4]

See note under 468.263.