Incorporated cities may construct, maintain and operate toll bridges over rivers and bodies of water forming interstate boundaries, and for such purpose may borrow money and issue and sell bridge bonds to evidence such indebtedness.
(1) This section establishes the procedure for determining whether a city shall issue bonds for the construction of an interstate bridge under ORS 381.605. The question shall be decided by election. The city council: (a) May order the election on its own resolution; or (b) Shall order the election when a petition is filed as […]
The council may issue and sell bonds for the purpose mentioned in ORS 381.605 only upon the approval of a majority of those voting on the question. [Amended by 1983 c.350 §252]
If the electors of the city approve the issuance of bonds, the council shall arrange to issue and sell the bonds. The council may arrange and provide the form, terms and sale of the bonds, consistent with ORS 381.605 to 381.670. [Amended by 1983 c.350 §253]
(1) The bonds mentioned in ORS 381.605 shall: (a) Be in denominations of $100 or more, but not exceeding $1,000. (b) Run not to exceed 30 years from the end of the respective issues thereof. (c) Bear interest at a rate not to exceed six percent per year, payable on January 1 and July 1. […]
The city treasurer shall keep a register of all the bonds issued or sold under ORS 381.605 to 381.670, noting therein the number of bonds, amount, date of issuance, date of sale and such facts as in the judgment of the city treasurer serve to keep an accurate record of the bonds so issued and […]
(1) The bonds shall be advertised and sold to the highest bidder for cash. (2) The council shall advertise in one newspaper, if there is one, in the county in which the municipality is located, in one leading newspaper in Portland, Oregon, and in one leading financial newspaper in New York City for two weeks […]
The proceeds of all the bonds sold under ORS 381.605 to 381.670 shall be paid into the city treasury and shall go into a special bridge fund. Such proceeds shall be disbursed for the purposes for which the bonds are issued.
(1) Tolls shall be fixed, charged and collected for passage over the bridge mentioned in ORS 381.605, and shall be so fixed and adjusted as to provide a fund sufficient to pay the principal and interest of the bonds issued for such bridge and an additional fund to pay the cost of maintaining, repairing and […]
Should the tolls and revenues procured for the use of the bridge be insufficient to pay the cost of maintaining, repairing and operating the bridge and the interest and principal upon bonded indebtedness as it accrues, the city council may each year levy and collect taxes upon all property, real and personal, situated within the […]
(1) The council shall cause to be prepared surveys, plans, specifications and estimates for the materials to be used and the manner and method of construction of any bridge constructed under ORS 381.605 to 381.670. (2) The council shall invite bids for the construction of any such bridge in conformity with the plans and specifications. […]
