(1) When authorized by a majority of electors voting at an election called for that purpose by the directors of a soil and water conservation district, the directors may issue general obligation bonds of the district, not exceeding in value the amount stated in the notice of election and for the purpose named in the notice as provided in ORS chapter 287A.
(2) The aggregate amount of general obligation bonds issued and outstanding at any one time may not exceed two and one-half percent of the real market value of all taxable property of the district, computed in accordance with ORS 308.207 (Computation of real market value for taxing or bonding limitations).
(3) General obligation bonds must recite that they are issued under ORS 568.210 (Definitions for ORS 568.210 to 568.808 and 568.900 to 568.933) to 568.808 (Taxing district to file legal description and map).
(4) A soil and water conservation district:
(a) Shall issue general obligation bonds authorized under this section as provided in ORS chapter 287A; and
(b) May issue refunding bonds as provided in ORS chapter 287A.
(5) Taxes that are levied by a soil and water conservation district to pay principal, interest and premium, if any, on general obligation bonds issued pursuant to this section are separate from and in addition to taxes levied pursuant to ORS 568.806 (Ad valorem tax). [2005 c.282 §3; 2007 c.783 §222]