reglab/housing_qa huggingface dataset:
OR Rev Stat § 287A.100 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.100 - Authority of county to issue general obligation bonds.

(1) Unless the county charter expressly provides otherwise, upon approval of the electors of a county, the county may issue general obligation bonds to finance: (a) Capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution. (b) Capital costs permitted by Article XI, section 11L, of the Oregon Constitution. (2) Unless the county charter provides a lesser limitation, a county may not issue or have outstanding at the time of issuance general obligation bonds in a principal amount that exceeds two percent of the real market value of the taxable property in the county, calculated as provided in ORS 308.207. [2007 c.783 §44; 2013 c.491 §4]
OR Rev Stat § 287A.105 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.105 - Limitation on bonded indebtedness of county.

(1) A county may incur bonded indebtedness within the meaning of section 10, Article XI of the Oregon Constitution, by issuing revenue bonds when a county is expressly authorized to issue revenue bonds by a law other than this section. The amount of revenue bonds permitted by this section may not exceed the lesser of: (a) One percent of the real market value of all taxable property in the county, calculated as provided in ORS 308.207; or (b) A limitation on bonded indebtedness in the county charter. (2) The limitation on bonded indebtedness in subsection (1) of this section does not apply to revenue bonds issued to finance pension liabilities under ORS 238.692 to 238.698 or any other law in effect prior to enactment of ORS 238.692 to 238.698. [2007 c.783 §45]
OR Rev Stat § 287A.140 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.140 - Ad valorem tax levy to pay general obligation bonds.

(1) In addition to other taxes imposed, a public body shall levy annually an ad valorem property tax on the taxable property within the boundaries of the public body in an amount that is sufficient, when added to other amounts available, to pay the principal of and interest on outstanding general obligation bonds issued by the public body. (2) A public body may: (a) Use the revenues from a levy under this section and earnings on the revenues only to pay the principal of and interest on general obligation bonds. (b) Not use or divert taxes levied under subsection (1) of this section for another purpose while principal or interest remains unpaid on the bonds. (c) If a surplus amount remains after the principal of and interest on an issue of general obligation bonds have been paid and the public body does not have other expenses related to the bonds, transfer the surplus moneys to a fund designated by the governing body of the public body. (3) Revenues from a levy by a public body pursuant to this section and earnings on the revenues are pledged as security for payment of the principal of and interest on general obligation bonds of the public body. (4) A pledge under this section has the effect of a pledge under ORS 287A.310. [2007 c.783 §67; 2015 c.53 §1]
OR Rev Stat § 287A.145 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.145 - Misspent proceeds of general obligation bonds.

(1) If a court of competent jurisdiction determines that the proceeds of an issue of general obligation bonds have been used by a public body for expenditures that are not capital costs permitted by Article XI, section 11L, of the Oregon Constitution, or that are not costs of capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution, the court may order the public body to: (a) Replace the misspent proceeds with interest, on a reasonable schedule determined by the court, from moneys other than the tax revenues that the public body levies to pay the debt service; and (b) Use the replaced moneys, as appropriate, for capital costs, for the costs of capital construction or capital improvements or to pay the debt service. (2) If the public body fails to comply with an order to replace the misspent proceeds or acknowledges that the public body is unable to replace the misspent proceeds, the court may determine that a portion of the future levies to pay the debt service is subject to the limits of Article XI, sections 11 and 11b, of the Oregon Constitution, by calculating the amount of the tax revenues that are necessary to pay the principal and interest on the bonds that is allocable to the misspent proceeds. (3) An action may not be filed or maintained against a public body because of an alleged expenditure of the bond proceeds of general obligation bonds for purposes other than capital costs, capital construction or capital improvements, if the misspent moneys are less than $5,000. [2007 c.783 §66; 2013 c.491 §5] Note: Section 1, chapter 684, Oregon Laws 2013, provides: Sec. 1. (1) A change in the use of facilities that were constructed, in whole or in part, with net proceeds of general obligation bonds of a county does not cause the expenditure of the net proceeds to be an improper expenditure of bond proceeds for which a court may issue an order described in ORS 287A.145 if: (a) The general obligation bonds were approved at an election conducted on May 21, 1996; and (b) The bond proceeds were spent for purposes allowed by the ballot measure authorizing the bonds and by Article XI, sections 11 and 11b, of the Oregon Constitution. (2) The change in the use of facilities described in subsection (1) of this section does not affect any authority the county may have to impose taxes outside the limitations imposed by Article XI, sections 11 and 11b, of the Oregon Constitution, for the original bonds or bonds issued to refund the original bonds. (3) The county shall use any revenue from the change in the use of facilities to reduce the taxes imposed to pay bond-related costs. [2013 c.684 §1]
OR Rev Stat § 287A.180 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.180 - Short-term borrowing by public body.

(1) In addition to any other authority to issue revenue bonds, but subject to applicable limitations imposed by the Oregon Constitution or the charter or ordinance of the public body, a public body may issue revenue bonds pursuant to this section: (a) In anticipation of tax revenues or other moneys; (b) To provide interim financing for capital projects to be undertaken by the public body; or (c) To refund revenue bonds issued pursuant to this section. (2) To secure revenue bonds authorized under this section, a public body may: (a) Pledge all or part of the revenues of the public body that may lawfully be used to secure payment of the revenue bonds. (b) Obtain credit enhancement devices for the revenue bonds authorized by this section. (c) Establish debt service reserves. (d) Enter into covenants, by ordinance, resolution or agreement, for the protection and security of the owners of revenue bonds authorized by this section. The covenants constitute enforceable contracts with the owners of the revenue bonds. (3) Revenue bonds authorized by this section that are issued in anticipation of revenues and revenue bonds issued under subsection (1)(c) of this section: (a) Must mature within 13 months after they are issued; and (b) May not be issued in a principal amount that exceeds 80 percent of the taxes or other revenues, except grant moneys, that the public body has budgeted or otherwise reasonably expects to have available to pay the revenue bonds. (4) Revenue bonds authorized by this section that are issued in anticipation of grant moneys or to provide interim financing for capital projects and revenue bonds issued under subsection (1)(c) of this section must mature not later than five years after the revenue bonds are issued. (5) The debt limitations imposed by law or the charter of a public body do not apply to revenue bonds or credit enhancement devices authorized by this section. [2007 c.783 §47]
OR Rev Stat § 287A.195 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.195 - Compliance with constitutional or statutory debt limits.

(1) When calculating compliance with a constitutional or statutory debt limit for a public body: (a) The amount of interest to be paid on bonds, whether paid currently or deferred, is not taken into account. (b) For a zero coupon bond or other original discount bond on which periodic interest payments are not made, only the accreted value of the bond on the date the bond is issued is taken into account. (c) If a bond is issued to a provider of a credit enhancement device for a bond that is subject to a debt limit, the bond issued to the provider must be taken into account only to the extent that the amount of the bond issued to the provider exceeds the amount of the bond secured by the credit enhancement device. (d) A public body may deduct from the amount of outstanding indebtedness: (A) The amount of money and investments that the public body or a trustee of the public body or a trustee or agent of the public body holds to pay bonds that have not been defeased. (B) The principal amount of bonds that have been defeased. (2) For purposes of this section, a bond is defeased if: (a) The public body has set aside in an irrevocable escrow government obligations, as defined in ORS 287A.375, the receipts from which have been calculated by a certified public accountant or other experienced professional to be sufficient, without reinvestment, to pay the principal, interest and premium, if any, due on the bond at maturity or on prior redemption; or (b) The public body has complied with the provisions in the documents authorizing the bond that govern payment or defeasance of the bond. [2007 c.783 §64]
OR Rev Stat § 287A.315 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.315 - Pledge of full faith and credit and taxing power.

(1) A public body may pledge its full faith and credit and taxing power when the public body issues: (a) A general obligation bond; or (b) An obligation that is secured by all lawfully available funds of the public body. (2) When a public body pledges its full faith and credit and taxing power to pay an obligation, the pledge constitutes an enforceable promise or contract by the public body: (a) To pay the obligation out of lawfully available funds of the public body; and (b) If lawfully available funds are insufficient to pay when due the amounts owing on the obligation, to levy, impose and collect a tax that is within the authority of the public body to levy, impose and collect in an amount sufficient to pay the amounts owing under the obligation, including past due amounts and penalties. (3) If a public body fails to pay when due an amount owing under an obligation secured by a pledge of the full faith and credit and taxing power of the public body, the owner of the obligation, or the trustee appointed to act on behalf of the owner, may bring an action in the circuit court of the county in which the principal offices of the public body are located to compel the public body: (a) To appropriate and expend sufficient lawfully available funds to pay the amounts owing on the obligation; or (b) If lawfully available funds are insufficient to pay when due the amounts owing on the obligation, to levy, impose and collect a tax that is within the authority of the public body to levy, impose and collect in an amount sufficient to pay the amounts owing under the obligation, including past due amounts and penalties. (4) An owner of the obligation, or a trustee appointed to act on behalf of the owner, may initiate a proceeding to impose remedial sanctions under ORS 33.055 against members of the governing body of a public body for failure to comply with an order of the court under this section. (5) A pledge of the full faith and credit and taxing power authorized by this section does not, by itself, create a lien on the revenues or property of the public body. [2007 c.783 §50a]
OR Rev Stat § 287A.339 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.339 - Termination payment of conduit borrower.

When a public body is authorized by law to issue bonds, the public body may lend moneys derived from an issuance and sale of bonds to a conduit borrower of proceeds from outstanding, previously issued conduit revenue bonds for the purpose of paying a termination payment required to be paid by the borrower under an agreement for exchange of interest rates entered into by the borrower in relation to the outstanding conduit revenue bonds. [2009 c.538 §6] Note: 287A.339 was added to and made a part of ORS chapter 287A by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
OR Rev Stat § 287A.340 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.340 - Credit enhancement devices.

(1) A public body may obtain a credit enhancement device and enter into related agreements. (2) The public body may pay the provider of the credit enhancement device from the same sources that the public body may lawfully use to pay the related bonds or from any other legally available source. (3) The public body may issue a bond to the provider of a credit enhancement device to secure the obligations of the public body or to pay amounts due to the provider. [2007 c.783 §52]
OR Rev Stat § 287A.343 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.343 - Public body purchase of own bonds.

(1) Notwithstanding any limitation in a local charter, a public body may bid for, purchase, hold, cause to be held in trust and remarket bonds issued by the public body. (2) Except as otherwise provided in the operative documents, the purchase or acquisition of bonds under this section does not cancel or extinguish the bonds unless the public body elects in writing to cancel or extinguish the bonds. [2009 c.537 §4] Note: 287A.343 was added to and made a part of ORS chapter 287A by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
OR Rev Stat § 287A.345 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.345 - State taxation of bond interest.

Interest on bonds of a public body is exempt from personal income tax under ORS chapter 316. [2007 c.783 §65]
OR Rev Stat § 287A.350 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.350 - Public records.

The records of registered bond ownership, whether maintained by a public body or otherwise, are not public records within the meaning of ORS 192.311. [2007 c.783 §69; 2017 c.456 §10]
OR Rev Stat § 287A.360 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.360 - Current refunding bonds.

(1) In addition to any other authority to issue refunding bonds, a public body may issue current refunding bonds to refund or purchase its outstanding bonds. (2) A public body may secure current refunding bonds with any of the revenues and covenants that the public body could have used to secure the refunded or purchased bonds under the law in effect when the refunded or purchased bonds were issued and with revenues and covenants that the public body could have used to secure the refunded or purchased bonds if the laws that are in effect when the current refunding bonds are issued were in effect when the refunded or purchased bonds were issued. (3) A public body may authorize current refunding bonds by resolution or ordinance without complying with the procedural requirements that applied to the refunded or purchased bonds, including issuing: (a) General obligation bonds to refund or purchase outstanding general obligation bonds without obtaining approval of the electors of the public body. (b) Revenue bonds to refund or purchase revenue bonds that were issued in accordance with ORS 287A.150 without complying with the procedures prescribed in ORS 287A.150. (4) The maturities of current refunding bonds authorized by this section may not exceed by more than six months: (a) Maturity limits that were established by the electors for the refunded or purchased bonds; and (b) A maturity limit imposed by a provision of a constitution, charter or statute that applied to the refunded or purchased bonds, if the provision imposing the limit is in effect when the current refunding bonds are issued. [2007 c.783 §54; 2009 c.538 §9; 2011 c.256 §1]
OR Rev Stat § 287A.365 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.365 - Advance refunding bonds and forward current refunding.

(1) The Legislative Assembly declares that the issuance of advance refunding bonds and the authority to effect a forward current refunding are matters of general statewide concern, and ORS 287A.360 to 287A.380 preempt all local statutory or charter authority to issue advance refunding bonds or to effect a forward current refunding. (2) A public body may issue advance refunding bonds or enter into forward current refundings in compliance with: (a) ORS 287A.360 to 287A.380; and (b) Rules adopted by the State Treasurer. (3) A public body may secure advance refunding bonds and forward current refunding bonds with any of the revenues and covenants that the public body could have used to secure the refunded bonds under the law in effect when the refunded bonds were issued and with revenues and covenants that the public body could have used to secure the refunded bonds if the laws that are in effect when the refunding bonds are issued were in effect when the refunded bonds were issued. (4) The maturities of advance refunding bonds and forward current refunding bonds authorized by this section may not exceed by more than six months: (a) Maturity limits that were established by the electors for the refunded bonds; and (b) A maturity limit imposed by a provision of a constitution, charter or statute that applied to the refunded bonds, if the provision imposing the limit is in effect when the refunding bonds are issued. [2007 c.783 §55; 2011 c.256 §2]
OR Rev Stat § 287A.370 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.370 - Proposed refunding plan for advance refunding bonds or forward current refunding; rules; fees.

(1) The State Treasurer shall review the plan of a public body to issue advance refunding bonds or to enter into a forward current refunding to determine whether the plan complies with applicable rules of the State Treasurer, as provided in this section. (2) After adoption of an ordinance or resolution approving a plan to issue advance refunding bonds or to enter into a forward current refunding, a public body shall submit the refunding plan to the State Treasurer for review and approval. (3) After review of a proposed refunding plan, the State Treasurer shall advise the public body, in writing, whether the plan is approved. If the State Treasurer does not notify the public body within 30 business days after receipt of the plan, the plan is deemed approved. A public body may issue advance refunding bonds or enter into a forward current refunding in accordance with a refunding plan approved by the State Treasurer. (4) The State Treasurer may adopt rules to regulate forward current refunding and the issuance of advance refunding bonds. (5) The State Treasurer may charge public bodies fees and expenses as provided in ORS 286A.014 in connection with the activities of this section. [2007 c.783 §56]
OR Rev Stat § 287A.375 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.375 - Maximum amount of advance refunding bonds.

(1) As used in this section, "government obligations" means: (a) Direct obligations of the United States of America or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America and bank certificates of deposit secured by the obligations; (b) Bonds, debentures, notes, certificates of participation or other obligations issued by a federal agency or other instrumentality of the federal government; or (c) Other debt obligations determined by administrative rule of the State Treasurer to be highly secured and widely accepted in the marketplace as obligations for a defeasance escrow. (2) A public body may not issue advance refunding bonds in a principal amount in excess of the minimum principal amount that is estimated at the time of sale to be necessary: (a) To purchase a principal amount of government obligations that is, together with the interest earnings thereon, sufficient to pay the installments of principal, interest and redemption premiums, if any, on the bonds being refunded when due in accordance with the advance refunding plan; and (b) To pay all costs in connection with issuing the advance refunding bonds and obtaining credit enhancement devices. (3) If the public body that issues advance refunding bonds receives an amount of proceeds that exceeds the actual amount required under subsection (2) of this section, the public body must use the excess amount of proceeds to pay interest on the advance refunding bonds. (4) Before applying advance refunding bond proceeds to the purposes for which the refunding bonds have been issued, a public body may invest advance refunding bond proceeds, together with other moneys set aside for the payment of the bonds to be refunded, only in government obligations. (5) The public body shall make investments pursuant to subsection (4) of this section at times and in a manner required to provide funds sufficient to pay principal, interest and redemption premiums, if any, in accordance with the advance refunding plan. [2007 c.783 §57]
OR Rev Stat § 287A.380 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.380 - Tax levy to pay maturing general obligation advance refunding bonds.

(1) Pursuant to ORS 287A.140, a public body shall levy taxes to pay the maturing interest and principal of advance refunding bonds that are general obligation bonds. (2) Notwithstanding ORS 287A.140 or any other provision of law, a public body may not cause a tax to be levied to pay the maturing interest and principal of general obligation bonds that have been defeased as described in ORS 287A.195 (2), unless the amounts held to defease the bonds are insufficient. [2007 c.783 §59]
OR Rev Stat § 287A.472 (2021)
2021 Oregon Revised Statutes|Volume : 07 - Public Facilities and Finance|Chapter 287A - Local Government Borrowing|Section 287A.472 - Interest on municipal warrants not paid on presentation.

All warrants for payment of money issued by cities and other municipalities that are not paid upon presentation and so indorsed shall draw interest at the legal rate after such indorsements but municipalities may by proper resolution fix the rate at less than the legal rate and may make such interest payable semiannually. [Formerly 287.452]