2007 Oregon Code - Chapter 370 :: Chapter 370 - County Road Bonding Act
Chapter 370
2007 EDITION
COUNTY ROAD BONDING ACT
HIGHWAYS, ROADS, BRIDGES AND FERRIES
370.010 Authority
to issue bonds
370.020 Road
work plans, specifications and bids
370.031 Election
procedure to determine issuance of bonds under ORS 370.010
370.120 County
courts use of money raised by sale of bonds
370.130 Order
declaring election results; contents and effect
370.140 Issuance
of bonds
370.150 Issuance
of serial in lieu of term bonds
370.160 Option
to issue redeemable term or serial bonds
370.170 Special
bond redemption funds
370.180 Tax
levy for redemption fund and bond interest
370.200 Loan
of redemption funds
370.240 Warrants
in lieu of bonds
370.005 [Repealed by 1983 c.327 §16]
370.010
Authority to issue bonds.
(1) Any county may issue bonds for the purpose of raising money to be used for
the construction and maintenance of permanent roads in that county.
(2) All moneys raised under the provisions
of this chapter shall be used in constructing permanent public roads in that
county, which roads, except as otherwise provided by law, shall be constructed
by the county court under its exclusive jurisdiction and such expert assistants
as it may employ.
370.020
Road work plans, specifications and bids. The county court:
(1) Shall prepare plans and specifications
of roads mentioned in ORS 370.010.
(2) Shall invite bids in conformity to
such plans and specifications.
(3) May also receive and consider any and
all bids in conformity to any plans and specifications furnished by any
individual, firm or corporation offering to bid on such roads.
(4) May reject any and all bids.
370.030 [Repealed by 1983 c.350 §232 (370.031
enacted in lieu of 370.030)]
370.031
Election procedure to determine issuance of bonds under ORS 370.010. (1) This section establishes the procedure
for determining whether a county shall issue bonds under ORS 370.010. The
question shall be decided by election. The county court:
(a) May order the election on its own
resolution; or
(b) Shall order the election when a
petition is filed as provided in this section.
(2) The requirements for preparing,
circulating and filing a petition under this section shall be as provided for
an initiative petition in ORS 250.165 to 250.235.
(3) Notwithstanding subsection (2) of this
section, if ORS 250.155 makes ORS 250.165 to 250.235 inapplicable to a county,
the requirements for preparing, circulating and filing a petition under this
section shall be as provided for an initiative petition under the county charter
or an ordinance adopted under the county charter.
(4) The order of the county court calling
the election:
(a) Shall specify the amount of the bonds
proposed to be issued, the length of time they shall run and the maximum rate
of interest they shall bear; and
(b) May specify each road within the
county to be built or improved by the money raised, the minimum amount to be
expended on each road and the location of each road within the county, giving
its beginning and terminus.
(5) Not later than the fourth day nor
before the 15th day before an election under this section, the county court
shall publish a notice of the election in a newspaper or newspapers designated
by the county court. The notice shall state the date of the election, a ballot
title and the information included in the order under subsection (4) of this
section. The notice shall be published in at least one issue of the newspaper
or newspapers.
(6) Only one election under this section
may be held in a 12-month period. [1983 c.350 §233 (enacted in lieu of
370.030); 2007 c.154 §62]
370.040 [Repealed by 1983 c.350 §331a]
370.050 [Repealed by 1983 c.350 §331a]
370.060 [Repealed by 1983 c.350 §331a]
370.070 [Repealed by 1983 c.350 §331a]
370.080 [Repealed by 1973 c.549 §1 (370.082 enacted
in lieu of 370.080)]
370.082 [1973 c.549 §2 (enacted in lieu of 370.080);
repealed by 1983 c.350 §331a]
370.084 [1973 c.549 §3; repealed by 1983 c.350 §331a]
370.086 [1973 c.549 §4; repealed by 1983 c.350 §331a]
370.090 [Repealed by 1983 c.350 §331a]
370.100 [Repealed by 1983 c.350 §331a]
370.110 [Repealed by 1983 c.350 §331a]
370.120
County courts use of money raised by sale of bonds. If the county court in its order calling an
election under ORS 370.031 designates the particular roads to be built or
improved by the money raised by the sale of bonds, the county court shall not
use any of the money raised upon any other road or for any other purpose than
those mentioned in the order. If the order does not designate any particular
roads to be built or improved by the money raised, then the county court may
expend the money raised from the sale of the bonds to build, improve or
maintain such permanent roads within the county as the county court considers
proper. [Amended by 1983 c.350 §234]
370.130
Order declaring election results; contents and effect. If at any election under ORS 370.031 a
majority of the electors voting at the election favors issuing the bonds, the
county court shall enter an order in its journal declaring that fact. This
order shall:
(1) Be conclusive as to the regularity of
all the proceedings in reference to the matter.
(2) Designate the amount of the total
assessed valuation of all the property within the county.
(3) Designate the amount of all the
previous debts and liabilities of the county incurred for road purposes and
remaining unpaid.
(4) Be prima facie evidence as to the
amount of the assessed valuation and the indebtedness. [Amended by 1983 c.350 §235]
370.140
Issuance of bonds. After
having entered the order as provided in ORS 370.130, the county court shall
cause the bonds to be issued as prescribed in ORS chapter 287A. [Amended by
1981 c.94 §34; 2007 c.783 §175]
370.150
Issuance of serial in lieu of term bonds. 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
bonds redeemable only at the time stated in the notice, may issue bonds and, in
the order providing for their issuance, reserve the right to redeem any or all
of them serially each year. When bonds are issued with such reservation, the
redemption fund provided for in ORS 370.170 may be used each year, as it is
collected, for the redemption of such proportion or percentage of the bonds as
will redeem all of them at the end of the time fixed in the prior proceedings
for maturity of the bonds, instead of being kept and deposited as provided by
law or loaned as provided in ORS 370.200 until the final maturity of the bonds.
[Amended by 1967 c.451 §21; 1983 c.350 §236]
370.160
Option to issue redeemable term or serial bonds. In its discretion, the county court further
may issue either term bonds or the serial bonds mentioned in ORS 370.150 with
the option of redeeming them on and after certain interest-paying dates
specified by the county court in the bonds. [Amended by 1997 c.171 §19; 2007
c.783 §176]
370.170
Special bond redemption funds.
Beginning with the fourth year after the bonds are sold the county court shall
each year thereafter, until maturity of the bonds, set aside as a special fund
for their payment such percentage of the face value of the bonds as at the date
of their maturity shall aggregate their full face value. Where bonds are issued
in different series maturing at different times a separate redemption fund
shall be provided for each series.
370.180
Tax levy for redemption fund and bond interest. The amount necessary to provide the
redemption fund and to pay the annual interest on outstanding bonds shall be
added to the general levy of taxes as may be required, which tax shall be
levied upon all the taxable property within the county.
370.190 [Repealed by 1967 c.451 §32]
370.200
Loan of redemption funds.
Whenever there are sufficient funds on hand in the bond redemption fund, the county
treasurer with the approval of the county court may loan any money in the bond
redemption fund, secured by first mortgage on improved real estate within the
county at six percent interest per year. All applications for such loans shall
be made in writing to the county treasurer, shall state the amount of the loan
applied for and the security offered and shall be numbered consecutively as
received and passed upon by the county court. The county court shall require an
abstract of title of property and a written opinion from the district attorney
of the county concerning the validity of the title of the lands offered as
security. The county court may authorize or reject any loan. No loan shall be
made in excess of 50 percent of the assessed valuation of the property offered
as security. No expense shall be incurred by the county in loaning any such
funds.
370.210 [Repealed by 1967 c.451 §32]
370.220 [Repealed by 1967 c.451 §32]
370.230 [Repealed by 1967 c.451 §32]
370.240
Warrants in lieu of bonds. (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. [Amended by 1983
c.350 §237]
370.250 [Repealed by 1981 c.153 §79]
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