The city governing body may determine the maturities and tenor of bonds issued under
ORS 225.360. However, the bonds shall be serial in character and in accordance with any provisions
of law or charter. The bonds shall:
(1) Be payable in not to exceed 30 years from the date of issuance thereof.
(2) Be sold at a price to net the city not less than the par value thereof with accrued
(3) Bear interest at not to exceed six percent per annum.
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