(1) The Port of Portland shall have the power, at any time and from time to time after the issuance of bonds under ORS § 778.145 to 778.175 have been authorized, to borrow money for the purposes for which such bonds are to be issued in anticipation of the receipt of the proceeds of the sale of such bonds and within the authorized maximum amount of such bond issue.

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(2) Bond anticipation notes shall be issued for all moneys so borrowed under the provisions of this section. Such notes may be issued for a period not exceeding one year and may be renewed from time to time for periods of not exceeding one year, but each such note, including renewals, shall mature and be paid not later than the fifth anniversary of the date the original note was issued. Such notes shall be authorized by ordinance of the board and shall be in such denomination or denominations, shall bear interest at such rate or rates approved by the board, shall be in such form and shall be executed in such manner, all as the board shall prescribe. Such notes may be sold at public or private sale in the manner and at such price or prices as the board shall determine, provided that if such notes be renewal notes, they may be exchanged for notes then outstanding on such terms as the board shall determine. [1971 c.546 § 5]