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The City of Portland, Oregon

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City of Portland



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Section 7-204 Bonded Debt Limitation.

Bonds which are general obligations of the City shall not be issued if the total of such bonds outstanding minus reserves accumulated for repayment thereof exceeds four percent of the true cash value of all taxable real and personal property in the City, but in estimating such bonded indebtedness, bonds issued pursuant to applications to pay assessments for improvements in installments under statutory or Charter authority, bonds on which principal and interest are payable exclusively from revenues derived from the sources fixed in said bonds, and bonds excluded from statutory debt limitations for cities shall not be counted. This limitation does not affect the right of the City to issue refunding bonds. This Section shall not apply to bonds specifically authorized by a majority of the electors to be issued notwithstanding this limitation. [New sec. Nov. 6, 1962.]