General obligation bond issues to be approved by electors
(1) General obligation bonds shall not be issued by the Port of Portland to provide funds for the establishment or operation of surface ship and air lines or for the payment of bonuses to either such line or lines without the approval of the electors of the port expressed at an election called and held within the port at which such question is submitted.
(2) Whenever the port issues general obligation bonds for purposes other than refunding general obligation bonds previously issued and for purposes other than providing funds to meet the obligations of the City of Portland assumed pursuant to ORS 778.020 (Acquisition of City of Portland property by port) in an aggregate amount equal to five percent of the present real market value of all the taxable property within the territorial limits of the port, no additional general obligation bonds shall be issued for purposes other than refunding general obligation bonds theretofore issued without the approval of the electors of the port expressed at an election within the port at which such question is submitted. [Amended by 1971 c.399 §1; 1997 c.461 §2]
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