2011 ORS § 450.900¹
Election on bond issues
- • limitation on indebtedness
(1) Before issuing any bonds under ORS 450.895 (Bonds, general obligation or revenue or combination of both), the board at a regular meeting shall call an election and submit to the electors of the authority the question whether bonds of the authority, either general obligation, revenue, or a combination of both, shall be issued and sold to raise money for the construction of sewage treatment plants or trunk or lateral sewers or drains for any area or areas within the authority.
(2) The order calling a bond election shall be signed by not less than four members of the board and may submit to the electors as one proposal the question of issuing bonds to finance one or more sewage treatment plants or trunk or lateral sewers or drains; or the order may submit as separate questions the issuance of bonds for any sewage treatment plants or trunk or lateral sewers or drains in such combinations as the order may direct.
(3) The authoritys total outstanding bonds of all kinds, including improvement bonds of the kind authorized by ORS 223.205 (Scope and application) and 223.210 (Right of property owners to apply for installment payment of assessment) to 223.295 (Limit on city indebtedness), and revenue bonds shall at no time exceed in the aggregate 13 percent of the real market value of all property by law assessable for state and county purposes within the authority as reflected in the last roll certified under ORS 311.105 (Certificate of taxes levied or imposed). [1955 c.614 §42; 1981 c.804 §102; 1983 c.83 §92; 1991 c.459 §404; 1995 c.79 §226]