Or. Rev. Stat. » Oregon Revised Statutes

Or. Rev. Stat. § 223.295

Limit on city indebtedness

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      223.295 Limit on city indebtedness. (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. [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]

 

SYSTEM DEVELOPMENT CHARGES

Notes of Decisions
Cited in 3 cases, 1961–2002 · leading case: Rogers MacHinery, Inc. v. Washington County
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Rogers MacHinery, Inc. v. Washington County (2002) orctapp “205 to ORS 223.295. See WCC § 3.17.060(C). The ordinance also provides for certain credits and offsets against the TIF obligation.”
Bechtell v. City of Salem (1961) or “ORS 223.295 places a limitation upon the amount of Bancroft bonding which any city may incur and requires a check-up by the city to assure that the limitation is not exceeded before the applications for bonding are honored.”
State v. Vickery (1985) or “We do not reach this issue because the charter provisions dispose of the priority issue in this case. Both parties agree that if the nuisance abatement assessment were considered a local improvement, ORS 223.”
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