Oregon Statutes 456.665 – Status of revenue bonds; negotiability; interest tax-exempt
(1) Neither the State Treasurer, the Director of the Housing and Community Services Department, the Oregon Housing Stability Council nor any officer or employee of the Housing and Community Services Department shall be liable personally on any bonds issued under ORS § 456.515 to 456.725 by reason of the issuance thereof.
Terms Used In Oregon Statutes 456.665
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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) All obligations issued by the State Treasurer under ORS § 456.548 to 456.725 shall not constitute a debt, liability or general obligation of this state or any political subdivision thereof or a pledge of the faith and credit of this state or any such political subdivision, but shall be payable solely from the revenues or assets of the department acquired pursuant to ORS § 456.548 to 456.725. Each obligation issued under ORS § 456.548 to 456.725 shall contain on the face thereof a statement that the department shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of this state or any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligation.
(3) All bonds issued by the State Treasurer under ORS § 456.548 to 456.725 shall be fully negotiable.
(4) The interest upon all bonds, including refunding bonds, issued by the State Treasurer under ORS § 456.548 to 456.725 shall be exempt from personal income taxation in the State of Oregon. [1973 c.828 § 15; 1979 c.327 § 17a; 1981 c.23 § 3; 1983 c.519 § 6; 1987 c.414 § 19; 1995 c.79 § 259; 2015 c.180 § 13]