(1) A city may issue general obligation bonds to finance capital construction or capital improvements upon approval of the electors of the city.
(2) Unless the city charter provides a lesser limitation, a city may not issue or have outstanding at the time of issuance general obligation bonds in a principal amount that exceeds three percent of the real market value of the taxable property within its boundaries, calculated as provided in ORS 308.207.
(3) The limitation described in subsection (2) of this section does not apply to general obligation bonds issued to finance the costs of local improvements assessed and paid for in installments under statutory or charter authority or to finance capital construction or capital improvements for:
(a) Water supply, treatment or distribution;
(b) Sanitary or storm sewage collection or treatment;
(c) Hospitals or infirmaries;
(d) Gas, power or lighting; or
(e) Off-street motor vehicle parking facilities. [2007 c.783 §43]
Section: Previous 287A.001 287A.010 287A.050 287A.100 287A.105 287A.140 287A.145 287A.150 287A.180 287A.195 287A.300 287A.310 287A.315 287A.325 287A.335 NextLast modified: August 7, 2008