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The City of Portland, Oregon

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City of Portland



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Section 7-202 Refunding Bonds.

For the purpose of funding any bonded indebtedness, including water bonds, of the City of Portland, or any bonded indebtedness for which the City of Portland has become or will become liable by operation of law through annexation, merger or consolidation of any part or all of a municipal corporation or unit of government, already matured or to mature in the future, the City of Portland is authorized and empowered to issue and dispose of bonds of the City of Portland, Oregon, of the denominations of from one hundred dollars ($100) to one thousand dollars ($1,000) as the purchaser may desire, or as the Council may find appropriate, which bonds may be made general or limited obligations of the City. Such bonds shall be for a term fixed by the Council and the total amount of such refunding bonds shall not exceed the face or par value of the bonds to be refunded. Before such refunding bonds can be sold, the Council shall cause to be inserted for two (2) successive weeks in the City official newspaper and in at least one paper in New York City making a specialty of such matters, an advertisement inviting sealed bids for the purchase of said refunding bonds. Among equal bidders preference in the sale and allotment shall be given to the bidders residing in the State of Oregon and subscribing for the smallest denominations. [Ch. 1903, part of sec. 118; rev. 1914, sec. 229; am. May 17, 1918; 1928 pub., sec. 229; 1942 recod., sec. 11-103; rev. Nov. 6, 1962.]