Oregon Statutes 222.528 – Territory withdrawn from district not liable for certain obligations
The liabilities and indebtedness for which a part of a district named in ORS § 222.510 remains liable, upon withdrawal by annexation or incorporation as provided in ORS § 222.120 or 222.520, shall not include:
Terms Used In Oregon Statutes 222.528
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) Current operating expenses of the district beyond the fiscal year in which the withdrawal is effective.
(2) Special tax levies, bond indebtedness or debt service obligations approved in the district subsequent to the withdrawal.
(3) Any amount which is due beyond the fiscal year in which the withdrawal is effective by reason of a contract for services between the district and another district or municipality where the amount due varies in each fiscal year according to the assessed valuation of the district. [1957 c.573 § 2; 1963 c.347 § 4; 1965 c.509 § 4; 1985 c.702 § 15]