ORS 403.365: Authority to issue general obligation bonds; elector approval required; bond debt limit.

(1) For the purpose of carrying into effect the powers granted by ORS 403.300 to 403.380, as well as refunding outstanding obligations, a 9-1-1 communications district, when authorized by a majority of the votes cast at an election by electors of the district, may borrow money and sell and dispose of general obligation bonds.

      (2) The general obligations outstanding at any one time may not exceed in aggregate principal amount one percent of the real market value of all taxable property within the district computed in accordance with ORS 308.207.

      (3) The bonds must mature serially not more than 30 years from the issue date and must be issued as prescribed in ORS chapter 287A.