Section 223.845 - Limitation on operation of parking facilities; use of revenues after issuance of revenue bonds; excess revenues.

OR Rev Stat § 223.845 (2019) (N/A)

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(a) Payment of interest on and retirement of principal of bonds issued by the city for financing the acquisition or construction of the off-street motor vehicle parking facility or other parking facilities of the city.

(b) Payment of the necessary costs and expenses of operating the off-street motor vehicle parking facility and other parking facilities of the city.

(c) Creation and maintenance of a reserve account to make necessary replacements to the off-street motor vehicle parking facility and other parking facilities of the city.

(d) Payment to the taxing bodies in lieu of taxes an amount equal to the ad valorem taxes that would be derived from the off-street motor vehicle parking facility if under private ownership.

(e) Reimbursement of owners of real property for special assessments paid by them and levied against real property to finance the off-street motor vehicle parking facility.

(f) Payment to the city of a fair return on its investment in parking facilities for the purpose of making additional parking and traffic improvements.

(2) If an off-street motor vehicle parking facility generates more revenue than required for the purposes described in subsection (1) of this section, the governing body of the city shall reduce the rates charged for the use of the off-street motor vehicle parking facility. [Amended by 1959 c.653 §10; 1999 c.559 §3]

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