ORS 778.040¹
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]

1 Legislative Counsel Committee, CHAPTER 778—Port of Portland, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors778.­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