ORS 341.675: Authority to incur bonded indebtedness; aggregate amount.

(1) A community college district may contract a bonded indebtedness for any one or more of the following purposes in and for the district:

      (a) To acquire, construct, reconstruct, improve, repair, equip or furnish a college building or buildings or additions thereto;

      (b) To acquire or to improve all property, real and personal, appurtenant thereto or connected therewith, including self-financing facilities;

      (c) To fund or refund outstanding indebtedness; and

      (d) To provide for the payment of the debt.

      (2) The community college district may use the proceeds received from the sale of bonds to pay for any costs incurred by the district in issuing and selling such bonds, including but not limited to, attorney fees and the cost of publishing notices of bond elections, printing such bonds and advertising such bonds for sale.

      (3) The aggregate amount of such district bonded indebtedness shall not exceed one and one-half percent (0.015) of the real market value of all taxable property within the district, computed in accordance with ORS 308.207.

      (4) For purposes of any law relating to bonded indebtedness, “community college district” includes a “community college service district.”