Oregon Revised Statutes

Or. Rev. Stat. § 456.665 (2026)

Status of revenue bonds; negotiability; interest tax-exempt

✓ current as of May 2026

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456.665 Status of revenue bonds; negotiability; interest tax-exempt. (1) Neither the State Treasurer, the Director of the Housing and Community Services Department, the Oregon Housing Stability Council nor any officer or employee of the Housing and Community Services Department shall be liable personally on any bonds issued under ORS 456.515 to 456.828 by reason of the issuance thereof.

(2) All obligations issued by the State Treasurer under ORS 456.548 to 456.828 shall not constitute a debt, liability or general obligation of this state or any political subdivision thereof or a pledge of the faith and credit of this state or any such political subdivision, but shall be payable solely from the revenues or assets of the department acquired pursuant to ORS 456.548 to 456.828. Each obligation issued under ORS 456.548 to 456.828 shall contain on the face thereof a statement that the department shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of this state or any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligation.

(3) All bonds issued by the State Treasurer under ORS 456.548 to 456.828 shall be fully negotiable.

(4) The interest upon all bonds, including refunding bonds, issued by the State Treasurer under ORS 456.548 to 456.828 shall be exempt from personal income taxation in the State of Oregon. [1973 c.828 §15; 1979 c.327 §17a; 1981 c.23 §3; 1983 c.519 §6; 1987 c.414 §19; 1995 c.79 §259; 2015 c.180 §13]

Notes of Decisions

Cited in 2 cases, 1975–1975 · leading case: In Re Constitutionality of ORS 456.720, 537 P.2d 542 (Or. 1975).

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In Re Constitutionality of ORS 456.720, 537 P.2d 542 (Or. 1975). · cites it 4× “* * *" ORS 456.665 could not state any more explicitly that the obligations issued under the Housing Act are not to constitute a debt, liability or obligation of the State of Oregon, but are to be paid solely out of revenues.”

Gibson v. Smith, 531 P.2d 724 (Or. Ct. App. 1975). · cites it 2× “In that case, the court said that if the restrictive language of the statute like that in ORS 456.665(2) is included in the bonds—and the court held that it must be included—“There seems no way * * * by which the taxpayers or other property of the [governmental unit] may be held…”

— Or. Rev. Stat. § 456.665(2) — 1 case

Gibson v. Smith, 531 P.2d 724 (Or. Ct. App. 1975). “In that case, the court said that if the restrictive language of the statute like that in ORS 456.665(2) is included in the bonds—and the court held that it must be included—“There seems no way * * * by which the taxpayers or other property of the [governmental unit] may be held…”

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