(1) The board of directors of a common or union high school district shall call an election on a date specified in ORS 255.345 (Special election dates) for the purpose of submitting to the electors of the district a question of contracting bonded indebtedness under ORS 328.205 (Power to contract bonded indebtedness) when:
(a) A majority of the board of directors decides to call such an election; or
(b) A petition requesting such an election is filed with the board of directors as provided in this section.
(2) The requirements for preparing, circulating and filing a petition under this section shall be as provided for an initiative petition in ORS 255.135 (Prospective petition) to 255.205 (Retention of petition materials). The petition shall specify the proposed amount of bonded indebtedness. [Amended by 1957 c.658 §2; 1965 c.100 §50; 1971 c.513 §62; 1973 c.57 §1; 1973 c.796 §25; 1979 c.424 §1; 1983 c.83 §46; 1983 c.350 §138]
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