Levy of direct ad valorem tax to pay bonds
(1) The district board shall ascertain and levy annually, in addition to all other taxes, a direct ad valorem tax on all the taxable property within the territory of a service area sufficient to pay promptly, when and as such payments become due, the maturing interest and principal of all bonds outstanding for the specific benefit of such service area that have been approved at an election held pursuant to ORS 341.678 (Election on bonded indebtedness) within such service area. The amount of the tax may be increased by an amount sufficient to retire any bonds that may be callable.
(2) Funds derived from a tax levy within a service area specifically for the purpose of paying bonded indebtedness shall be applied solely to the payment of the bonds for which such taxes were levied and shall not be applied to the payment of any other indebtedness of the district.
(3) Bonds authorized pursuant to the terms of this section, and any bonds refunding such bonds, shall be issued as prescribed in ORS chapter 287A. [1995 c.357 §9; 2007 c.783 §134]
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