Oregon Statutes 440.385 – Pledge of income and revenues to secure payment of bonds
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(1) For the purpose of additionally securing the payment of the principal of and interest on general obligation bonds issued under ORS § 440.375, a health district may, by resolution of the district board, which resolution shall constitute part of the contract with the holders of such general obligation bonds, pledge all or any part of the net income or revenue of its properties.
Terms Used In Oregon Statutes 440.385
- Contract: A legal written agreement that becomes binding when signed.
- 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 district board may adopt such a resolution without submitting the question of such pledge to electors of the health district. [Formerly 441.350]