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City of Portland



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5.30.090 Negotiation of Bonded Lien Payment Contracts.

If the Auditor declares a bonded lien payment contract void prior to the property being placed on the foreclosure list, the property owner and the Auditor may negotiate new installment payment arrangements.  If the Auditor offers a new installment payment contract, the terms and conditions must protect the City’s financial condition and assure the repayment of associated municipal bonds.  The Auditor shall set the interest rate on the negotiated contract at a rate greater than or equal to the interest rate of the original installment payment contract.  The Auditor shall prepare a form of agreement for negotiated installment payment contracts.