(2) The district may not issue, or have outstanding at any time, general obligation bonds in a principal amount that exceeds:
(a) Five percent of the real market value of the taxable property in the district, calculated as provided in ORS 308.207, if the district has a population of less than 100 individuals within its boundaries; or
(b) 10 percent of the real market value of the taxable property in the district, calculated as provided in ORS 308.207, if the district has a population of 100 or more individuals within its boundaries.
(3) Bonds issued under this section must mature within 30 years from the date of issuance. [2015 c.560 ยง5]
Structure 2021 Oregon Revised Statutes
Volume : 15 - Water Resources, Agriculture and Food
Chapter 555 - Reclamation Projects; Sand Control
Section 555.030 - Duties of Water Resources Commission.
Section 555.320 - Project manager; duties and authority.
Section 555.380 - Tumalo Project Fund; rules.
Section 555.500 - Formation; purpose; general powers.
Section 555.507 - Board of directors; meetings; quorum.
Section 555.514 - Qualifications to serve on board; initial meeting; initial terms of board members.
Section 555.521 - Finances; records.
Section 555.528 - Authority to issue general obligation bonds.