reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.410 - Ports may borrow money and issue bonds.

(1)(a) For the purpose of carrying into effect any of the powers granted by ORS 777.105 to 777.258, a port may, when authorized so to do by the electors, borrow money and sell and dispose of bonds, which shall constitute a general obligation of the port and be secured by the port’s full faith and credit. The bonds shall be secured by the taxing power of the port as provided in ORS 777.430 (2). In addition, the port may provide that the bonds shall be payable from and secured by a lien and pledge of all or any part of the revenues derived by the port from the facilities constructed from the proceeds of the bonds. Bonds outstanding at any one time shall never exceed in the aggregate two and one-half percent of the real market value of all taxable property within the port, computed in accordance with ORS 308.207.
(b) A port may provide for the creation of special trust funds and may authorize the appointment of a trustee to administer such funds. A port may obligate itself to set aside and pay into a special trust fund any revenues pledged to the payment of bonds. A port, from available funds, may establish and fund debt service, operation and maintenance reserves.
(c) Proceeds from the sale of bonds may be used by a port to pay the costs incurred in issuing the bonds, to pay the costs of preliminary work incident to issuing and selling the bonds, including but not limited to planning, engineering, inspection, accounting, fiscal, legal, trustee and other similar expenses, to pay interest on the bonds for such time as the port may determine, but not exceeding six months beyond completion of the facilities financed with the bonds, and to establish reserves for debt service on the bonds.
(2) Without elector approval the board may, whenever it determines that an emergency exists, issue bonds, within the limitation provided by subsection (1) of this section, in an aggregate amount not exceeding $100,000 in any period of 12 months. Bonds shall not be issued under this subsection to provide funds for the acquisition of land. Bonds issued under this subsection shall be issued and sold in accordance with subsection (3) of this section but shall mature in such length of time, not exceeding five years, as the board determines.
(3) All bonds issued under this section shall be issued as prescribed in ORS chapter 287A. [Amended by 1957 c.375 §1; 1963 c.9 §37; 1965 c.223 §1; 1971 c.728 §71; 1973 c.127 §3; 1977 c.698 §1; 1981 c.94 §52; 1981 c.289 §1; 1985 c.773 §2; 1991 c.459 §439; 2007 c.783 §223]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.415 - Resolution and election prerequisite to issuance of bonds.

When it is proposed to borrow money or to sell and dispose of bonds as authorized by ORS 777.410 (1), a board shall first pass a resolution authorizing the borrowing of money and the issuance and sale of bonds. The resolution shall state the amount of money to be raised, the maximum rate of interest that the bonds will bear and the nature and terms of the bonds. The resolution also shall state the general purpose for which the moneys to be raised are to be used. The question of issuance of the bonds shall then be referred by the board to the electors of the port at a special election to be called for that purpose. The money raised shall be expended for no other purpose than that expressed in the resolution and the purpose shall be stated in the ballot title used in the election. A contract involving the expenditure of funds to be raised under ORS 777.410 (1) shall not be entered into by the board until the borrowing of the funds is approved by a majority of those voting on the question at the special election provided for by this section. [Amended by 1957 c.375 §2; 1971 c.647 §142; 1971 c.728 §72]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.430 - Taxing powers of ports.

(1) In carrying out the purposes of ORS 777.005 to 777.725 and 777.915 to 777.953, a port may assess, levy and collect taxes upon all taxable real and personal property situated within the port, in an amount each year not to exceed one-fourth of one percent (0.0025) of the real market value of the property, computed in accordance with ORS 308.207.
(2) Each year a port may also assess, levy and collect a tax upon all such property in an amount sufficient to pay the yearly interest on general obligation bonds or other evidences of indebtedness theretofore issued by the port and then outstanding, together with any portion of the principal of general obligation bonds maturing within that year. The tax shall be applied only in payment of interest and principal of such bonds or indebtedness. However, the board may apply any other funds it may have toward such payments.
(3)(a) A port may assess, levy and collect a tax upon all taxable real and personal property situated within the port for the purpose of providing revenue to a city or county in which the port is located for law enforcement services provided by the city or county within the boundaries of the port.
(b) A tax described in this subsection may be levied only as prescribed under ORS 280.040 to 280.145.
(c) The transfer of moneys raised pursuant to this subsection to a city or county for funding law enforcement services of the city or county within the port is a public purpose for which a port levying a tax under this subsection has been organized. [Amended by 1963 c.9 §38; 1971 c.728 §73; 1991 c.459 §440; 2001 c.500 §1]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.435 - Levy, assessment and collection of taxes.

(1) Taxes authorized by ORS 777.430 shall be levied in each year and returned to the county officer whose duty it is to extend the tax roll by the time required by law for city taxes to be levied and extended. The county officer whose duty it is to extend the county levy shall extend the levy of a port in the same manner as city taxes are extended.
(2) All taxes levied by a port become payable at the same time and shall be collected by the same officers as regular county taxes. The county officers collecting the taxes shall pay them to the treasurer of the port as provided by law. [Amended by 1971 c.728 §74]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.437 - Filing boundary change with county assessor and Department of Revenue.

For purposes of ad valorem taxation, a boundary change must be filed in final approved form with the county assessor and the Department of Revenue as provided in ORS 308.225. [2001 c.138 §52]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.440 - Levy of special tax by county court upon default of port officers.

If a port fails or refuses to levy the special tax provided by ORS 777.430 (2), within the time provided, in an amount sufficient to pay the interest accruing during the 12 months following October 1 next ensuing on bonds theretofore issued by the port and then outstanding, together with any portion of the principal of such bonds maturing within the 12 months, the county board of the county in which the port is located, shall levy at its July term immediately following such failure or refusal by the port, a tax on all the taxable real and personal property situated within the port, at a rate sufficient to pay such interest and principal. [Amended by 1971 c.728 §75]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.445 - Procedure subsequent to levy under ORS 777.440.

(1) Taxes levied under ORS 777.440 by the county board shall be assessed and collected as if the levy had been made by the port itself.
(2) However, taxes thus levied by the county board shall not be paid to the treasurer of the port by the county officers collecting the tax, but shall be paid to the county treasurer to the credit of the port issuing the bonds to be used for the purpose provided by subsection (3) of this section.
(3) The county treasurer shall pay from the fund the interest on or maturing principal of any bond described by ORS 777.440 as it becomes due, and at such places as are designated in the bonds or interest coupons thereof, or upon the presentation at the county treasurer’s office of the bonds or coupons, which must show the amount due and the number and series of the bond.
(4) All bonds or coupons thereof thus paid shall be immediately reported by the county treasurer to the port board.
(5) On October 1 of the next calendar year following the year of the levy by the county board, the county treasurer shall ascertain the exact amount of interest and principal payable and still remaining unpaid. The county treasurer shall retain from the fund an amount sufficient to pay such principal and interest and pay to the treasurer of the port any balance of the fund remaining after making such deduction. [Amended by 1971 c.728 §76]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.447 - Promissory notes authorized for port development purposes; limitations; form; payment.

In addition to other powers granted a port, a port may, at any time, upon proper resolution adopted by the board, issue promissory notes to assist it in carrying out the powers granted the port under this chapter. The promissory notes shall not exceed a term of 10 years, shall be considered bonds for purposes of ORS chapter 287A and shall be issued as prescribed in ORS chapter 287A. A port may not have more than $10 million in promissory notes outstanding at any one time and may not pledge or use tax-derived revenues to retire the notes. The notes shall be signed by the president and the treasurer of the port and shall state what assets and revenues of the port shall be security for the notes and that the notes do not constitute a full faith and credit pledge of the port. No officer or employee of the port shall hold promissory notes under this section. Expenditure of note proceeds and payment on notes issued under this section shall first be properly budgeted in accordance with the Local Budget Law. [1979 c.119 §2; 1981 c.94 §53; 1993 c.97 §28; 1999 c.177 §1; 2007 c.783 §224; 2019 c.627 §1]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.455 - Authority to issue refunding bonds for specified purposes; amounts.

A port may, in accordance with ORS 777.455 to 777.505, issue refunding bonds for the purpose of refunding and retiring all or any part of its outstanding bonds when the holders are willing to surrender such bonds. When judgment is taken against a port based on bonds and interest coupons issued by the port, refunding bonds may be issued to provide funds with which to pay such judgment. Such bonds may be issued, pursuant to an ordinance or resolution adopted by the board, without elector approval. Such bonds may be issued in the full amount of the outstanding bonds and any judgment on bonds and interest coupons less any sinking funds applicable thereto. The full faith and credit of the issuing port shall be pledged to the payment of the principal of and interest on each of such bonds. Debt limitations imposed by law do not apply to refunding bonds. [Amended by 1971 c.728 §77]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.460 - Refunding bonds; terms and conditions; bond call.

(1) The refunding bonds shall bear interest at a rate determined by the board, payable semiannually, and shall be in such denominations and mature at such times as determined by the board, but the bonds must all mature not later than 30 years after their date of issue.
(2) The board may provide that the bonds are subject to call and redemption prior to maturity, in numerical order, in inverse numerical order or in the entire amount of the issue outstanding. The bonds may be called only on interest-paying dates.
(3) Before calling bonds containing optional provisions, the port shall publish a notice of call in one issue of a newspaper specializing in financial matters published in New York, New York, at least 30 days before such interest-paying date.
(4) Callable refunding bonds, at the option of the board, may be called and retired or may be refunded again in accordance with the terms of the bonds and the provisions of ORS 777.455 to 777.505.
(5) Both the principal of the bonds and the interest thereon, when due, shall be paid in lawful money of the United States at the office of the treasurer of the issuing port, or at the fiscal agency of the State of Oregon in the City and State of New York, at the option of the board. [Amended by 1971 c.728 §78; 1981 c.94 §54]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.465 - Disposition of refunding bonds.

The refunding bonds may be exchanged par value for par value for the bonds they are issued to refund and may be issued and delivered to a judgment creditor in the amount of the judgment, or the bonds may be advertised for sale and sold for not less than the par value thereof.
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.470 - Levy of tax to meet principal and interest; amount required; disposition of proceeds of tax.

Upon issuance of any refunding bonds the port board shall levy a tax sufficient to pay the principal and interest of such bonds at maturity. If the bonds are serial bonds the tax shall provide an amount of money sufficient to pay the next maturing installment of principal and the interest on the entire issue. If the bonds are issued as term bonds the tax shall be sufficient to raise an amount of money, which, if the same amount were raised each year thereafter for the life of the bonds, would produce a sum equal to the principal amount of the bonds so issued. The proceeds of taxes levied under this section shall be set aside when collected into a special fund and used for no other purpose than the payment of the bonds so issued. [Amended by 1971 c.728 §81]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.475 - Remedies of holders of refunding bonds on default.

If there is a default in payment of principal or interest of bonds issued pursuant to ORS 777.455, the holders thereof shall be reinvested with and have all the remedies they would have had if they were holding obligations refunded by the issuance of such bonds. [Amended by 1971 c.728 §82]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.480 - Construction of ORS 777.455 to 777.505.

The authority contained in ORS 777.455 to 777.505 is supplemental and in addition to all other powers granted to port districts to issue bonds. [Amended by 1971 c.728 §83]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.485 - Compromise and refunding agreements; contents; subsequent procedure; effect.

(1) A board may enter into agreement with the holders of its outstanding indebtedness providing for compromise of the indebtedness and the refunding thereof by the issuance of bonds under ORS 777.455. An agreement may provide for the amount of refunding bonds to be issued, the interest rate the bonds are to bear, the dates of maturity of the bonds and the amount of money to be raised by taxes each year to pay the principal of and interest on the bonds. When an agreement is entered into, a port shall have complete authority to issue bonds in accordance therewith.
(2) The board may provide in the ordinance authorizing such refunding bonds:
(a) For setting aside a sinking or other fund into a special trust fund for payment of the bonds.
(b) For the pledging of taxes and other revenues directly to the payment of the principal of or interest on the bonds or to the sinking fund.
(c) For limitations on subsequent borrowings by the port either in the nature of permanent debt or temporary financing.
(d) For limitations on the amounts of appropriations in subsequent budgets for operating expenses.
(3) A port has all necessary authority to carry out the terms and conditions so included in any such ordinance. The validity of the refunding bonds, however, shall not be dependent upon nor affected by the validity or regularity of the ordinance provisions enumerated in subsection (2) of this section. [Amended by 1971 c.728 §84]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.500 - Advertisement of bonds; bids; rejection of bids; readvertisement; time of sale limited.

(1) Refunding bonds shall be advertised for sale at least once each week for not less than two successive weeks in a newspaper of general circulation published within the port or, if there is no such newspaper, then in a newspaper published in the county in which the port is located.
(2) All bids for such bonds shall be in writing and be sealed and, unless the sale is made to the sinking fund of the particular port or to the State of Oregon, shall be accompanied by a certified check or a cashier’s check upon a bank doing business in this state for an amount of not less than two percent of the par value of the bonds for which the bid is submitted. Bids shall be opened publicly at the time and place specified in the advertisement. The bonds shall be sold for cash.
(3) If the bids for the purchase of the bonds are not satisfactory, the board may reject any and all of the bids and may readvertise for bids in the manner provided by this section.
(4) The date of sale shall not precede by more than four months the first succeeding date upon which the bonds to be refunded thereby will mature or may be called, redeemed or otherwise retired. [Amended by 1971 c.728 §79; 1981 c.94 §55]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.505 - Delivery of bonds to purchaser; deposit of sale proceeds; redemption and retirement of refunded bonds.

(1) Refunding bonds, upon payment therefor in cash, may be delivered to the purchaser thereof at any time after sale date, but not later than the date as of which the refunded bonds have been called for payment. The bonds shall be delivered at the place in the State of Oregon designated by the board in the notice of sale of the bonds.
(2) Proceeds of sale of the bonds equal to the total par value of the bonds refunded shall be deposited at the fiscal agency mentioned in ORS 777.460 in conformity with the laws relating to deposits of funds with the fiscal agency or, at the option of the issuing port, pursuant to ORS 295.001 to 295.108, in a special trust account to be used solely for the payment of the principal of the outstanding refunding bonds and for no other purpose.
(3) The outstanding refunded bonds shall be redeemed and retired as soon as possible after the date of sale of the refunding bonds issued in lieu thereof, but in no case shall such refunding bonds be invalidated by reason of the failure of the port to redeem or retire the refunded bonds. [Amended by 1967 c.451 §29; 1971 c.728 §80]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.510 - Port warrants; execution; contents.

A port board may issue warrants drawn upon any officer designated the custodian of money belonging to or credited to the port. Warrants shall be signed by the treasurer and countersigned by the president of the port or in the absence or inability of the president to act, by the vice president. Warrants shall show upon their face the nature and extent of the obligation satisfied. They may be used in payment of any obligation of the port, including expenses of operation, payment of the principal amount of port bonds at their maturity and in payment of interest or interest coupons of the bonds at the time the interest becomes due and payable. [Amended by 1971 c.728 §34]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.515 - Payment of warrants; interest on warrants.

(1) The treasurer of a port, or the treasurer of the county who is the legal custodian of funds belonging to or credited to a port, shall pay the warrants of the port when presented, if the treasurer has money in custody for the purpose of paying the obligation for which the warrant was given. The treasurer shall write on the face of the warrant the date of redemption and the treasurer’s signature.
(2) If there are no funds in the custody of the port treasurer to pay the warrant when presented, the port treasurer shall indorse thereon "Not Paid for Want of Funds" and the date of presentment over the signature of the port treasurer. The warrant shall draw interest at the legal rate from the date of such indorsement. Thereafter, the county treasurer, upon presentment of the warrant, shall pay upon the warrant any funds which may come into the county treasurer’s custody for the purpose of paying the obligation for which the warrant was issued and shall, over the signature of the county treasurer, indorse the amount of the payment upon the warrant with the date of the payment.
(3) However, a warrant drawn in payment of the principal or face amount of a port bond shall in no event draw interest in excess of the rate of interest expressed upon the face of the port bond, and the rate of such interest shall appear upon the face of the warrant. Interest on a warrant shall cease from the date of notice by publication in some newspaper printed or circulated in the county. Notice shall be given by the port treasurer authorized to redeem the warrant, stating that there are funds to redeem outstanding warrants. The treasurer shall give notice when the treasurer has $10,000 belonging to the fund. [Amended by 1971 c.728 §35]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.520 - Special tax levy, rate, use of proceeds; bond sinking fund.

(1) A port may assess, levy and collect each year in addition to other taxes which it is by law authorized to levy, a special tax upon all taxable real and personal property situated within the port.
(2) Such annual levy shall not exceed one-tenth of one percent. The proceeds thereof shall be used only in the purchase on the open market of bonds of the port, at such prices, as the board determines.
(3) All funds collected from such levy shall be placed in a separate fund, designated the bond sinking fund, and shall be used exclusively for the purposes provided by this section as long as the principal of any bond of the port remains outstanding or unpaid. After the principal of all bonds of the port has been paid, the balance remaining in such fund may be transferred to any other fund as the board may direct. [Amended by 1971 c.728 §85]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.530 - Special assessments for local improvement; assessment ordinance; assessment districts.

(1) When a port constructs or acquires a local improvement which the port is authorized to construct or acquire, the board of that port may levy special assessments against property within the port in proportion to the benefits such property will receive on account of the construction or acquisition of the local improvement. However, before proceeding to construct or acquire a local improvement for which special assessments will be levied, the board shall adopt an ordinance that:
(a) Describes the local improvement to be constructed or acquired and the part of the work to be undertaken immediately;
(b) Contains a preliminary estimate of the probable cost of the local improvement;
(c) Determines the manner of financing the local improvement. The board may provide that the cost of the construction or acquisition shall be paid in part by assessments against the property directly benefited and in part out of general funds, ad valorem tax levies, the proceeds of the sale of bonds, service charges or any combination of such sources. The determination of the board as to the proportion of cost allocation shall be based on its sound discretion;
(d) Describes one or more assessment districts containing the properties against which the cost of the local improvement will be assessed;
(e) Provides for the method of assessment, the recording of assessment liens on properties that are directly benefited and for the making of supplemental assessments and rebates;
(f) Contains provision for a notice to be mailed to each affected property owner announcing the intention of the board to construct or acquire a local improvement, to create one or more assessment districts and to assess benefited property for a part or all of the cost; and
(g) Provides for a hearing not sooner than 20 days after the mailing of the notices described in paragraph (f) of this subsection at which affected property owners may appear to support or object to the proposed local improvement and assessment. The board shall consider such objections and may adopt, correct, modify or abandon the proposed local improvement or assessments.
(2) Special assessments in the port shall, so far as practicable, be apportioned within the port in accordance with the special and peculiar benefit each lot or parcel of land receives from the construction or acquisition of a local improvement.
(3) Special assessment districts authorized by this section may be established for, and limited to, financing the costs of planning and engineering required for the construction or acquisition of a local improvement.
(4) As used in this section, "local improvement" has the meaning given that term by ORS 223.001. [1989 c.644 §2; 1991 c.902 §117]
Note:
777.530 and 777.535 were added to and made a part of ORS chapter 777 by legislative action but were not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.535 - Installment payment of special assessment; limitation.

The provisions of ORS 223.205 to 223.316 (Bancroft Bonding Act) and ORS 223.770 relating to the assessment of property benefited by public improvements and to the issuance of bonds and other obligations for the cost of such improvements, shall apply insofar as practicable and applicable in relation to the assessment by ports of the cost or any portion of the cost of improvements against the property benefited in accordance with ORS 777.530 and to the issuance of bonds and other obligations by the port. However, notwithstanding ORS 223.295, the limitation specified in ORS 777.410 (1)(a) on the amount of general obligation bonds outstanding at any one time applies to bonds and other obligations issued under this section. [1989 c.644 §3; 1991 c.902 §116; 1995 c.333 §21; 1997 c.249 §223]
Note:
See note under 777.530.
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.560 - Ports may issue and sell revenue bonds; use of proceeds.

(1) For the purpose of carrying into effect any of the powers granted to ports, a port may issue and sell revenue bonds in accordance with ORS 777.560 to 777.590 without the necessity of obtaining the prior approval of the electors of the port. Proceeds from the sale of revenue bonds may be used by the port in its governmental capacity or loaned to private parties. The proceeds may be used to cover the costs incurred in issuing the bonds, and preliminary work incident to carrying out such purposes and powers, including but not limited to planning, engineering, inspection, accounting, fiscal, legal and trustee expenses, the cost of issuance of bonds, engraving, printing, advertising and other similar expenses, and to pay interest on the outstanding bonds issued for any project during the period of actual construction and for six months after the completion thereof. Revenue bonds shall not be a general obligation of the port nor a charge upon the tax revenues of the port, nor a charge upon any other revenues or property of the port not specifically pledged thereto.
(2) In addition to the powers granted by subsection (1) of this section, a port may authorize and issue revenue bonds under ORS 287A.150. [1955 c.423 §2; 1959 c.337 §1; 1971 c.728 §86; 1993 c.97 §29; 2007 c.783 §225]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.570 - Form of bonds.

Revenue bonds issued under ORS 777.560 (1):
(1) Shall be negotiable instruments.
(2) Shall be issued under ORS chapter 287A, but the requirements of ORS 287A.150 do not apply.
(3) Shall contain a recital that principal and interest on the revenue bonds are payable solely out of revenues and property of the port pledged to the payment thereof by the ordinance of the board authorizing the issue of which the bonds are a part.
(4) May contain covenants of the port to protect and safeguard the security and rights of holders of such bonds and such other terms and conditions, in conformity with ORS 777.560 to 777.590, which the board determines are necessary or desirable to protect the port or increase the marketability of the bonds. [1955 c.423 §4; 1959 c.337 §3; 1965 c.223 §4; 1971 c.728 §141; 1971 c.778 §1; 1981 c.879 §3; 1997 c.171 §24; 2007 c.783 §227]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.575 - Sale of bonds.

(1) The board may from time to time sell revenue bonds authorized pursuant to ORS 777.565, as provided by this section.
(2) Except as provided by subsections (3) and (4) of this section, the bonds shall be advertised for sale at least once each week for not less than two successive weeks in a newspaper of general circulation published within the port or, if there is no such newspaper, then in a newspaper published in the county. Bids shall be in writing and be sealed and, unless the bidder is the State of Oregon, accompanied by a certified check or a cashier’s check upon a bank doing business in this state in an amount not less than two percent of the par value of the bonds. Bids shall be opened publicly at the time and place specified in the advertisement. If the bids are not satisfactory, the board may reject any and all bids and may readvertise for bids in the manner provided by this subsection.
(3) The board may sell any of the bonds to the federal government or any agency thereof at private sale without advertisement or calling for bids.
(4) Revenue bonds including revenue bonds to refund such bonds of a port may be sold to any person either at a public or private sale without advertisement or calling for bids as the board may in its sole discretion determine. [1955 c.423 §5; 1959 c.337 §4; 1965 c.223 §5; 1967 c.416 §1; 1971 c.728 §89; 1981 c.94 §56]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.585 - Refunding revenue bonds.

(1) A port may, without the necessity of authorization from the electors of the port, issue and sell its refunding revenue bonds for the purpose of redeeming revenue bonds which are outstanding or paying interest due thereon:
(a) At maturity pursuant to redemption provisions in the outstanding revenue bonds; or
(b) At any time before maturity if the holders of the outstanding revenue bonds consent or if the outstanding revenue bonds authorize redemption before maturity.
(2) ORS 777.560 to 777.590 apply to bonds authorized to be issued and sold under this section. [1955 c.423 §7; 1959 c.337 §6; 1965 c.223 §7; 1971 c.728 §90]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.590 - Authority to issue and sell revenue bonds; leasing property and pledging revenues.

(1) ORS 777.560 to 777.590 are complete authority for the issuance and sale of revenue bonds and refunding revenue bonds. Any restrictions, limitations, conditions or procedure provided by other statutes relating to issuance and sale of bonds or other obligations do not apply to the issuance and sale of revenue bonds and refunding revenue bonds under ORS 777.560 to 777.590.
(2) The lease of any property of the port and the pledging of revenues therefrom to the payment of the costs and expenses enumerated by ORS 777.560, and to the payment of principal and interest on bonds issued and sold under ORS 777.560 to 777.590, shall be considered to further the public interest within the meaning of ORS 271.310. [1955 c.423 §8; 1959 c.337 §7; 1965 c.223 §8; 1971 c.728 §91; 2005 c.443 §27]
Note:
Sections 1 and 2, chapter 423, Oregon Laws 2023, provide:
Sec. 1. Cancellation of certain taxes and interest.
(1) Outstanding ad valorem property taxes, and interest on the taxes, assessed on real property, the ownership of which was transferred, from the federal government to a port district formed under ORS chapter 777, by the assessor of the county in which the real property is located, are hereby canceled.
(2) Ad valorem property taxes, and interest on the taxes, assessed on real property owned by a port without a working waterfront formed under ORS chapter 777, that have been outstanding since a date prior to January 1, 2012, are hereby canceled, provided the tax collector of the county in which the property is located has exhausted all remedies provided by law for collection of the taxes and interest. [2023 c.423 §1]
Sec. 2.
Section 1 of this 2023 Act is repealed on January 2, 2025. [2023 c.423 §2]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.605 - Special elections.

When a board desires to hold an election for the purpose of submitting to the electors of the port any measure that may lawfully be submitted to the electors, at any meeting called in accordance with its rules or the statutes governing the board, the board may adopt a resolution calling a special election. In the resolution the board may describe in general terms the measures which are to be submitted at the election. [Amended by 1971 c.728 §92; 1973 c.796 §76; 1975 c.647 §52; 1983 c.350 §326]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.705 - Definitions for ORS 777.705 to 777.725.

As used in ORS 777.705 to 777.725, "bonus" or "bonuses" includes payment of funds for:
(1) Chartering vessels;
(2) Guaranteeing to vessels, transportation lines, companies or persons, cargo and tonnage, and guaranteeing to vessels, transportation lines, companies or persons against loss on account of delay in the Columbia River or Willamette River or at the Columbia River bar;
(3) Absorption of charges for lightering, dredging, towage and pilotage of any vessels; or
(4) Fixing of pilotage and stevedoring charges, seamen’s wages, fuel costs, supplies and other charges and expenses incident to maritime commerce, at such a rate as may place a port on a competitive basis in such matter with other ports. [Amended by 1971 c.728 §97]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.710 - Payment of bonus explained.

The payment of a bonus authorized by ORS 777.715 and 777.720 includes the payment of sums necessary to make good the guarantee described by ORS 777.705. [Amended by 1971 c.728 §98]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.715 - Ports may pay bonuses in aid of water transportation and may charter vessels.

(1) By the payment of bonuses to a person engaged or preparing to engage in the operation of water transportation lines, a port may:
(a) Aid in establishing water transportation lines between the port and any other domestic or foreign port or ports; and
(b) Aid in establishing water transportation lines on the interior rivers of this state, on the rivers between Washington and Oregon, or on the rivers of Washington and Idaho reached by navigation from Oregon’s rivers.
(2) A port may charter vessels. [Amended by 1971 c.728 §99]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.720 - Discretion of board in making payment; contracts.

A board may expend the money raised as authorized by ORS 777.725 in the form of a bonus or bonuses payable to the persons described by ORS 777.715. The money shall be expended in the manner and at such times as the board determines will result in the greatest benefit and advantage to the port and will best aid the establishment and continued operation of the water transportation lines. The board may contract as may be necessary to carry into effect the purposes of ORS 777.725. [Amended by 1971 c.728 §100]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.725 - Borrowing money to pay bonus; bond issues, amount, terms, interest, signature, approval by electors, name of bonds, sale.

(1) For the purpose of ORS 777.705 to 777.725 and 777.915 to 777.953, a port may borrow money and sell and dispose of bonds. The bonds shall not, singly or in the aggregate, with previous debts and liabilities incurred and outstanding for such purposes, exceed one-fourth of one percent (0.0025) of the real market value of all taxable property within the port. The bonds shall be issued from time to time as the board may determine, and shall be of such denominations, run for such period of years and for such rate of interest as the board determines.
(2) Bonds shall not be issued unless authorized by the majority of the electors voting upon the question at an election called for that purpose.
(3) Every issue of bonds shall be in serial form so as to mature in numerical order in equal installments annually on and after five years from date. The bonds shall not bear interest exceeding in any event a net effective rate of seven percent per annum. The bonds shall be signed on behalf of the port by its president and countersigned by its secretary. The bonds shall be so conditioned that the port shall agree, in consideration of the premises, to pay at a place therein named to the bearer or registered holder thereof the sum named therein at the maturity thereof in lawful money of the United States, with interest thereon in like lawful money at the rate per annum named therein, payable semiannually in accordance with the tenor and terms of interest coupons thereto attached.
(4) The bonds shall be known as water transportation bonds of the Port of (insert name of port), County of (insert name of county), State of Oregon, as the case may be.
(5) The bonds shall be sold for cash to the highest responsible bidder, upon sealed bids, after advertising; but the board may reject any and all bids tendered and proceed to readvertise when bids are not satisfactory. [Amended by 1967 c.293 §35; 1971 c.728 §101; 1991 c.459 §441]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.755 - Legislative findings and policy.

The Legislative Assembly hereby finds that:
(1) The geographical location of this state, its maritime resources, its skilled labor force and the availability of land for industrial and commercial development provide an opportunity for the citizens of this state to expand participation in and increase the benefits from international trade and commerce.
(2) The development and operation of international trade and commerce is in the public interest because that trade and commerce promotes the commerce of this state, creates and retains jobs and diversifies the economy of this state.
(3) Export trading corporations, encouraged by federal law, provide a means to develop and facilitate international trade and commerce and the export and import of goods and services through this state by furnishing services necessary to international trade and by the purchase, sale and financing of goods and services.
(4) Export trading corporations can facilitate the expansion of total exports and imports and are an important mechanism for experimentation in the development of innovative international trade programs beneficial to local, state, regional and national economic needs.
(5) Export trading corporations can provide a means for meeting this state’s need for well-developed export and import trade intermediaries and can achieve economies of scale and acquire expertise enabling them to export and import goods and services or provide export and import trade services at a reasonable cost to producers. [1983 c.200 §1]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.760 - Definitions for ORS 777.755 to 777.800.

As used in ORS 777.755 to 777.800, unless the context requires otherwise:
(1) "Board" means the board of directors of an export trading corporation.
(2) "Commissioner" means a member of the board of commissioners of a port.
(3) "Commissioners of the port" means the board of commissioners of the port which formed the export trading corporation.
(4) "Export trading corporation" means a municipal corporation formed by a port under ORS 294.125, 294.316, 646.740 and 777.755 to 777.800.
(5) "Export trading project" means a transaction or arrangement for the purchase, sale, exchange or delivery of goods or services in international trade or commerce.
(6) "Port" means a municipal corporation formed under ORS 777.005 to 777.725, 777.915 to 777.953 and 777.990 or ORS chapter 778.
(7) "Services" includes, but is not limited to, architectural, automatic data processing, business, communications, consulting, engineering, financial, insurance, legal, management, product research and design, repair, training and transportation services. [1983 c.200 §2; 2007 c.804 §81]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.763 - Export trading corporation; formation by port; hearing; dissolution of corporation.

(1) Any port may form an export trading corporation. Proceedings to form an export trading corporation shall be initiated by a resolution adopted by the commissioners of the port proposing the formation of an export trading corporation and fixing a time and place for a public hearing on the resolution. The hearing shall be held not less than 30 days after adoption of the resolution.
(2) Notice of the public hearing shall be published in one or more newspapers of general circulation within the port not less than 15 days prior to the date fixed for the public hearing.
(3) Any person may appear at the public hearing and present oral or written statements for or against the proposal to form an export trading corporation.
(4) After the public hearing, if the commissioners of the port determine the formation of an export trading corporation would promote the purposes of ORS 294.125, 294.316, 646.740 and 777.755 to 777.800, the board may by ordinance form an export trading corporation.
(5) An ordinance forming an export trading corporation shall include:
(a) The name of the export trading corporation.
(b) The names of the initial board of directors.
(c) The office address and the name and address of the initial registered agent.
(6) Unless a later date is specified, the ordinance shall take effect and the export trading corporation formed on the 30th day after enactment of the ordinance. The ordinance shall be subject to the powers of initiative and referendum vested in the electors of the port.
(7) A certified copy of the ordinance shall be filed with the Secretary of State.
(8) The port by ordinance may dissolve the export trading corporation. The ordinance shall include a plan for the dissolution and liquidation of the assets of the export trading corporation. Any surplus assets remaining after payment of the indebtedness of the export trading corporation shall be transferred to the port. [1983 c.200 §3]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.765 - Powers of export trading corporation.

An export trading corporation shall constitute a municipal corporation of this state and a public body, corporate and politic, exercising public power. No part of the net earnings of an export trading corporation shall accrue to the benefit of a private person. An export trading corporation may:
(1) Develop, manage and operate export trading projects.
(2) Conduct market research, advertising and marketing, within and outside the boundaries of this state.
(3) Purchase or otherwise acquire, finance, hold, maintain, sell, lease or otherwise dispose of goods or services of every type or nature, within or outside the boundaries of this state.
(4) Acquire or provide communication, insurance, legal assistance, transportation, including trade documentation and freight forwarding, foreign exchange, letters of credit and other necessary or desirable services.
(5) Purchase or otherwise acquire, construct, operate, maintain, lease, rent and dispose of warehouses, elevators, terminals, buildings and other necessary or desirable facilities, within or outside the boundaries of this state.
(6) Enter into contracts, joint ventures, brokerage or other agreements with any person for the purchase, sale or distribution of goods or services, within or outside the boundaries of this state.
(7) Levy and collect rentals, commissions, fees, storage and other charges for use of facilities or services rendered.
(8) Apply for and accept financial, technical or other assistance from any person, including the federal, state, county or city government, or other municipal corporations.
(9) Enter into contracts with any governmental entity or municipal corporation.
(10) Do such other acts or things as may be necessary or convenient for the exercise of the powers granted by ORS 294.125, 294.316, 646.740 and 777.755 to 777.800. [1983 c.200 §10]
2023 Oregon Revised Statutes › Volume : 19 - Utilities, Vehicle Code, Watercraft, Aviation › Chapter 777 - Ports Generally › Section 777.767 - Authorized agreements.

(1) An export trading corporation may enter into agreements which provide for the establishment of prices or rates, or which require a party to the agreement to sell, lease or purchase a commodity or service solely to or from the export trading corporation or to the persons designated in the agreement, when such agreements are entered into pursuant to export trade activities specified in a certificate issued to the corporation under 15 U.S.C. 4001 to 4021. This subsection is not intended to confer any immunity from federal antitrust laws beyond the immunity conferred by a certificate issued under 15 U.S.C. 4001 to 4021.
(2) When entering into agreements containing the provisions described in subsection (1) of this section, the export trading corporation shall be deemed to be performing a governmental function essential for the benefit of the people of this state and the development and diversification of the economy of this state.
(3) An export trading corporation and a port may enter into agreements for the port to provide accounting, clerical, technical, sales, promotional and other administrative services. The port shall be reimbursed not less than the actual cost for providing such services. [1983 c.200 §13]