Oregon Statutes 465.612 – Obligations of authority not obligations of local government; exception
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(1) Except as provided in subsection (2) of this section, the debts, obligations and other liabilities of an authority are not a general or other obligation or liability of the local government that created the authority.
Terms Used In Oregon Statutes 465.612
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
- 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) A local government may incur debt, including the issuance of bonds under any bonding authority available to the local government, on behalf of an authority created by the local government and, by ordinance or resolution, deem a debt incurred under this subsection to be a general obligation of the local government and a charge upon its tax revenues. [2015 c.631 § 5]
See note under 465.600.