ORS 450.925: Issuance of refunding bonds.

(1) The board may, without authorization from the electors, issue refunding bonds for the purpose of refunding outstanding bonds issued under ORS 450.895 to 450.920.

      (2) The provisions of ORS 287A.360 to 287A.380 are applicable to refunding bonds issued and sold under this section.

      (3) The refunding bonds may be issued to refund bonds originally issued or to refund bonds previously issued for refunding purposes and for no other purpose.