ORS 555.528¹
Authority to issue general obligation bonds

(1) Upon approval of the electors of a sand control district, the district may issue general obligation bonds, as prescribed in ORS 287A.300 (Terms and conditions of bond sales) to 287A.380 (Tax levy to pay maturing general obligation advance refunding bonds), from time to time to finance purposes and duties of the district.

(2) The district may not issue, or have outstanding at any time, general obligation bonds in a principal amount that exceeds:

(a) Five percent of the real market value of the taxable property in the district, calculated as provided in ORS 308.207 (Computation of real market value for taxing or bonding limitations), if the district has a population of less than 100 individuals within its boundaries; or

(b) 10 percent of the real market value of the taxable property in the district, calculated as provided in ORS 308.207 (Computation of real market value for taxing or bonding limitations), if the district has a population of 100 or more individuals within its boundaries.

(3) Bonds issued under this section must mature within 30 years from the date of issuance. [2015 c.560 §5]

1 Legislative Counsel Committee, CHAPTER 555—Reclamation Projects; Sand Control, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors555.­html (2019) (last ac­cessed May 16, 2020).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information