Assessments or taxes upon bond issue
Any water control district issuing bonds may, after an affirmative vote at any regular or special election called or held pursuant to the Water Control District Act, proceed to levy and collect assessments or ad valorem taxes as provided in subsections (1) and (2) of this section.
(1) A water control district may proceed to levy and collect assessments for any purposes of the water control district on a benefited basis as provided in ORS 553.330 (Assessment for cost of works) and as determined under ORS 553.340 (Determination of benefits) to 553.380 (Reduction of benefits). However, no change in method of assessment shall be made except with the consent of the holders of outstanding bonds.
(2) In lieu of the provisions of subsection (1) of this section and not in addition thereto, a water control district may proceed to levy an ad valorem tax for the purpose of paying the principal and interest on bonded indebtedness when it becomes due. [1965 c.623 §14a]
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