(1) May be issued from time to time in one or more series, bear such date or dates, mature at such times and in such amounts, be in such denomination or denominations, be payable within or without the State of Oregon, bear such rate or rates of interest and have such other terms, conditions and covenants as the board may by ordinance determine.
(2) May be in coupon form with or without privilege of registration or may be in registered form, or both, with the privilege of converting or reconverting to one form or another.
(3) Shall be signed by the president and by the secretary or an assistant secretary of the port, either manually or by their printed, engraved, or lithographed signature; provided, however, that at least one signature is manual. The seal of the port or a facsimile thereof shall be printed, engraved, or lithographed on the bonds. Coupons, if any, attached to the bonds need bear only the printed, engraved or lithographed facsimile signature of the president and the secretary or an assistant secretary of the port.
(4) May be issued with the right reserved to the board to redeem the bonds at par or at plus a premium, in such order, and at such time or times prior to the final maturity date or dates of the bonds, as the board by ordinance may provide, upon publication, at least 30 days before the redemption date, of at least one notice of the intended redemption in one issue of a newspaper specializing in financial matters published in any of the cities of New York, New York; Chicago, Illinois; or San Francisco, California, as the board may provide in the ordinance, and of one such notice in one issue of a newspaper of general circulation published within the corporate boundaries of the port; provided that if a bond to be redeemed is then registered, notice of the intended redemption of such bond may be given by the mailing, at least 30 days before the redemption date, of at least one such notice to t e registered owner, in lieu of the publication thereof; provided, however, that failure to so mail such notice shall not affect the proceedings for such redemption. [1977 c.33 §3 (enacted in lieu of 778.035); 1981 c.94 §57]
778.040 Certain bond issues to be approved by electors. (1) Bonds shall not be issued by the port to provide funds for the establishment or operation of surface ship and air lines or for the payment of bonuses to either such line or lines without the approval of the electors of the port expressed at an election called and held within the port at which such question is submitted.
(2) Whenever the port issues bonds for purposes other than refunding bonds previously issued and for purposes other than providing funds to meet the obligations of the City of Portland assumed pursuant to ORS 778.020 in an aggregate amount equal to five percent of the present assessed valuation of all the taxable property within the territorial limits of the port, no additional bonds shall be issued for purposes other than refunding bonds thereto ore issued without the approval of the electors of the port expressed at an election within the port at which such question is submitted. [Amended by 1971 c.399 §1]
778.045 Amount of bonds issued in one year limited. The total amount of bends issued by the port in any calendar year, except for refunding bonds or bonds issued to provide funds to meet obligations assumed pursuant to ORS 778.020, shall not exceed $3 million unless a greater amount is approved by the electors of the port at an election at which such question is submitted. [Amended by 1971 c.728 §110; 1973 c.178 §7]
778.050 [Amended by 1971 c.728 §111; repealed by 1977 c.33 §4]
778.055 [Amended by 1971 c.728 §112; repealed by 1977 c.33 §4]
778.060 Expenditure of bond sale funds for operating expenses limited. The board shall not expend, within any one calendar year, from the funds derived from the sale of bonds, in excess of $500,000 to meet the operating expenses of the port. As used in this section "operating expenses" means the maintenance of plant, structures and equipment and such dredging as may be required to preserve or restore at or to its artificial depth a channel previously excavated by the port. [Amended by 1971 c.728 §113]
778.065 Port taxing power; annual limitation. The port may each year assess, levy and collect taxes upon all taxable real and personal property situated within its boundaries as required:
(1) To pay principal and interest on bonds issued under ORS 778.030;
(2) To pay bonds, debentures and other obligations of the City of Portland assumed under ORS 778.020; and
(3) To pay all other expenses that may be incurred in the exercise of the powers granted to the port. [Amended by 1963 c.9 §40; 1971 c.70l §1; 1971 c.728 §143]
778.070 Tax levy. (1) Taxes authorized by ORS 778.065 shall be levied in each year and returned to the county officers whose duty it is to extend the tax roll by the time required by law for city taxes to be levied and extended. The county officer whose duty it is to extend the county levy shall extend the levy of the port in the same manner city taxes are extended.
