Oregon Revised Statutes Highways, Roads, Bridges and Ferries § 370.240

(1) After the issuance of bonds has been authorized by an election held in accordance with ORS 370.031, 370.120 and 370.130, the county court, in lieu of the issuance of any or all such bonds, may issue warrants drawn upon the county treasury for the purpose of securing any or all funds sought to be secured by the issuance of such bonds.

(2) These warrants shall be in denominations of $50, or multiples thereof up to $1,000, and shall bear the same rate of interest as the bonds would bear in lieu of which the warrants are issued.

(3) No such warrants shall become due at any specified time, but shall be redeemable by the county at any time in the same manner as other county warrants are redeemed or paid.