450.920
Disposition of proceeds of sale of bonds. The proceeds of the sale of bonds shall be deposited
with the county treasurer who is custodian of the funds of the authority and
shall be placed by the county treasurer in the sanitary authority fund and
credited to a special account or accounts which are designated for use for the
particular purpose or purposes for which the bond proceeds are to be used. The
proceeds of such bonds shall be used solely for the purpose or purposes
indicated in the order calling for election upon the question of the issuance
of the bonds and for no other purpose. However, the proceeds of the sale of the
bonds may be used for payment of the principal and interest of such bonds and
expenses of the formation of the authority. [1955 c.614 §46]
Notes of Decisions
Bear Creek Valley Sanitary Auth. Ex Rel. Bashaw v. Hopkins, 631 P.2d 808 (Or. Ct. App. 1981).
· cites it 6× “They rely on ORS 450.920, which provides: "The proceeds of the sale of bonds shall be deposited with the county treasurer who is custodian of the funds of the authority and shall be placed by him in the sanitary authority fund and credited to a special account or accounts which…”
Bashaw v. Bear Creek Valley Sanitary Auth., 7 Or. Tax 196 (Or. T.C. 1977).
“895 (relating to sanitary authorities) requires a fiscal policy looking toward the payment of sanitary authority general obligation bonds in installments "as nearly equal as practicable during the years of payment,” ORS 450.920 particularly provides that "the proceeds of the…”
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