Oregon Statute | Act | Code |Title 31 Highways, Roads, Bridges And Ferries| US Code - US Statute

(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. 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.

(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 the newspaper or newspapers designated under ORS 254.205.
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. A notice under this section is in addition to the facsimile
published under ORS 254.205.

(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)] 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] 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] (1)
After having entered the order as provided in ORS 370.130, the county
court shall cause the bonds to be issued in denominations of $50 or
multiples thereof, up to $1,000, advertise such amount of them for sale
as in its judgment is necessary and thereafter from time to time make
such additional sale of bonds so issued as is necessary.

(2) Bond sales shall be made through bids received upon such
advertisement as the county court deems necessary to afford the best
means of procuring the highest prices for the bonds.

(3) All bids shall be in writing and publicly opened at a time and
place specified in the advertisement.

(4) Whatever other means of advertising the sale of bonds the
county court may adopt, it shall advertise the sale for at least three
weeks in two newspapers printed in the county, if there are that many,
and if there is but one such newspaper, then in it.

(5) The bonds shall be sold to the highest bidder, but preference
shall be given to the citizens of the county.

(6) If the county court is not satisfied with the bids, it may
reject any or all of them.

(7) The county court shall determine the interest rate. [Amended by
1981 c.94 §34] 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]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. Notice of redemption shall be given in the
manner specified in the bonds, as provided in ORS 288.520. Newspaper
publication of notice of redemption is not required for bonds that are in
registered form. These callable bonds either may be called and paid
pursuant to the optional redemption privilege or may be called and
refunded pursuant to ORS 287.202 to 287.220. [Amended by 1997 c.171 §19] 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. 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. 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. (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]

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