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Oregon Revised Statutes Protection from Fire § 478.850

Current as of January 01, 2023 | Updated by FindLaw Staff

(1) Revenue bonds issued under ORS 478.845 to 478.875:

(a) Shall not be payable from nor charged upon any fund other than the revenue pledged to the payment of the revenue bonds.

(b) Shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the city or district, except those moneys paid to the loan fund created by ORS 478.855.

(2) No holder of such revenue bonds shall ever have the right to compel any exercise of the taxing power of a city or district to pay the bonds or the interest on the bonds, or to enforce payment of the bonds against any property of the city or district except those moneys pledged in the loan fund created under ORS 478.855.

(3) A revenue bond issued under ORS 478.845 to 478.875 shall not constitute a debt of the city or district within the meaning of any statutory limitation.

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Cite this article: FindLaw.com - Oregon Revised Statutes Protection from Fire § 478.850 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-38-protection-from-fire/or-rev-st-sect-478-850/

Read this complete Oregon Revised Statutes Protection from Fire § 478.850 on Westlaw

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