Chapter 177 Oregon Laws 1999

Session Law

AN ACT

HB 2521

Relating to promissory notes of ports; amending ORS 777.447.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 777.447 is amended to read:

777.447. In addition to other powers granted a port, a port may, at any time, upon proper resolution adopted by the board, issue promissory notes to assist it in carrying out the powers granted the port under this chapter. The promissory notes shall not exceed a term of five years and shall bear interest not to exceed the rate established for bonds under ORS 288.515 to 288.600. A port shall not have more than [$250,000] $1 million in promissory notes outstanding at any one time. No tax-derived revenues shall be pledged or used to retire the notes. The notes shall be signed by the president and the treasurer of the port and shall state what assets and revenues of the port shall be security for the notes and that the notes do not constitute a full faith and credit pledge of the port. No officer or employee of the port shall hold promissory notes under this section. Expenditure of note proceeds and payment on notes issued under this section shall first be properly budgeted in accordance with the Local Budget Law.

Approved by the Governor May 3, 1999

Filed in the office of Secretary of State May 3, 1999

Effective date October 23, 1999

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