Oregon Statutes 777.947 – Limitation on annual issuance and aggregate amount of bonds in absence of elector approval
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(1) The total amount of general obligation bonds issued in any calendar year by the port without the approval of the electors of the port shall not exceed $500,000.
Terms Used In Oregon Statutes 777.947
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(2) The aggregate outstanding principal amount of general obligation bonds issued by the port without the approval of the electors of the port shall not at any time exceed $1.5 million.
(3) Nothing in this section applies to refunding bonds. [1987 c.565 § 15]