Oregon Statutes 478.870 – Powers granted to enforce loan contracts and secure payment of bonds; reserve fund
In addition to any other powers granted by law, a city or district may:
Terms Used In Oregon Statutes 478.870
- City: includes any incorporated village or town. See Oregon Statutes 174.100
- District: means a rural fire protection district proposed to be organized or organized under, or subject to, this chapter. See Oregon Statutes 478.001
(1) Make all contracts, execute all instruments and do all things necessary or convenient for the exercise of the powers granted by ORS § 478.845 to 478.875, or for the performance of its covenants or duties, or in order to secure the payment of its bonds;
(2) Enter into and perform such contracts and agreements with borrowers as the city or district considers proper and feasible for or concerning the financing and installation of fire safety systems;
(3) Enter into covenants for the benefit of bond owners regarding the use and expenditure of moneys in the loan fund created by ORS § 478.855; and
(4) Establish a reserve fund or account for the benefit of bond owners and provide that the reserve fund or account may be funded with bond proceeds, from moneys held in the general fund, an enterprise fund or other fund of the city or district or from such other revenues or sources as the governing body of the city or district may determine. [1995 c.725 § 6]
See note under 478.840.