ORS 223.295

Applied in 2 court decisions — leading case 181 Or. App. 369 - Rogers MacHinery, Inc. v. Washington County (2002)

Most recently applied in 181 Or. App. 369 - Rogers MacHinery, Inc. v. Washington County (May 2002)

Amended by 1955 c.28 §1; 1955 c.686 §1; 1959 c.653 §7; 1963 c.545 §2; 1965 c.282 §3; 1985 c.441 §1; 1991 c.459 §351; 1991 c.902 §24

(1) A city may incur indebtedness in the form of general obligation bonds and general obligation interim financing notes pursuant to ORS 223.235 to an amount which shall not exceed 0.03 of the latest real market valuation of the city.

(2) The general obligation bonds and general obligation interim financing notes issued pursuant to ORS 223.235 shall be determined by deducting from the sum total of outstanding general obligation bonds and general obligation interim financing notes issued pursuant to ORS 223.235, the aggregate of sinking funds or other funds applicable to the payment thereof, less the aggregate of overdrafts, if any, in the related improvement bond interest fund.

Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.