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administrative act not subject to local referendum or initiative processes. <br />There can be no doubt of this. ORS 271.390 provides that any lien created by a COP is <br />binding from the time it is entered. ORS 288.517(1) makes it a matter of statewide concern that <br />covenants made by public bodies to secure bonds or other obligations not be impaired by <br />subsequent initiative or referendum measures. And no subsequent initiative or referendum can <br />collater-ally attack the covenants pledging security for bonds or other obligations issued after <br />September 27, 1987. ORS 288.594. <br />In summary, the state of Oregon has adopted all necessary legislation to regulate the <br />issuance of bonds and COPs, and to protect the covenants securing the obligations. No local <br />legislation is needed. No local legislation can abrogate state laws on the subject. The BOC has <br />all necessary authority to issue revenue bonds or COPs to finance the Courthouse Square project. <br />The decision of the BOC is not subject to local referendum or initiative. <br />cc: Billy Wasson, Project Coordinator ~-/ <br />clerk:chsqcops.lop <br />