(1) A city may incur indebtedness in the form of general obligation bonds and general obligation interim financing notes pursuant to ORS § 223.235 to an amount which shall not exceed 0.03 of the latest real market valuation of the city.

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Terms Used In Oregon Statutes 223.295

  • City: includes any incorporated village or town. See Oregon Statutes 174.100
  • 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 general obligation bonds and general obligation interim financing notes issued pursuant to ORS § 223.235 shall be determined by deducting from the sum total of outstanding general obligation bonds and general obligation interim financing notes issued pursuant to ORS § 223.235, the aggregate of sinking funds or other funds applicable to the payment thereof, less the aggregate of overdrafts, if any, in the related improvement bond interest fund. [Amended by 1955 c.28 § 1; 1955 c.686 § 1; 1959 c.653 § 7; 1963 c.545 § 2; 1965 c.282 § 3; 1985 c.441 § 1; 1991 c.459 § 351; 1991 c.902 § 24]

 

SYSTEM DEVELOPMENT CHARGES

 

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