Authority to issue general obligation bonds
- • elector approval required
- • bond debt limit
(1) For the purpose of carrying into effect the powers granted by ORS 401.818 (Definitions for ORS 401.818 to 401.857) to 401.857 (Advisory committee), as well as refunding outstanding obligations, a 9-1-1 communications district, when authorized by a majority of the votes cast at an election by electors of the district, may borrow money and sell and dispose of general obligation bonds.
(2) The general obligations outstanding at any one time shall never exceed in aggregate principal amount one percent of the real market value of all taxable property within the district computed in accordance with ORS 308.207 (Computation of real market value for taxing or bonding limitations).
(3) The bonds shall mature serially not more than 30 years from the issue date and shall be issued as prescribed in ORS chapter 287A. [1995 c.333 §36; 2007 c.783 §180]
Note: See note under 401.818 (Definitions for ORS 401.818 to 401.857).
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