(1) This section establishes the procedure for determining whether bonds of the district, either general obligation, revenue or a combination of both, shall be issued and sold to raise money for the purposes set forth in ORS 450.075 (3). The question shall be decided by election. The board:
(a) May order the election on its own resolution; or
(b) Shall order the election when a petition is filed as provided in this section.
(2) The order of the board calling the election shall determine the form of the bonding proposal as follows:
(a) The order may submit to the electors as one proposal the question of issuing bonds to make all outlays, or so many of them as may be selected; or
(b) The order may submit as separate questions the issuance of bonds for any of the outlays singly or in such combinations as the order may direct.
(3) The requirements for preparing, circulating and filing a petition under this section shall be as provided for an initiative petition under ORS 255.135 to 255.205.
(4) In addition to the information required under ORS 255.085 in a notice for an election on the issuance of bonds, the notice for an election under this section shall describe the form of the bonding proposal as determined under subsection (2) of this section.
(5) When an election is called pursuant to a petition of electors, the proposal under subsection (2) of this section must conform with the proposal of the petition.
(6) If a majority of the votes cast at a bond election is in favor of the issuance of bonds, the board may issue and dispose of the bonds proposed in the order calling the election. [Amended by 1957 c.671 §2; 1969 c.563 §13; 1983 c.83 §89; 1983 c.350 §269]
Section: Previous 450.070 450.075 450.080 450.082 450.084 450.085 450.090 450.095 450.100 450.105 450.110 450.115 450.120 450.125 450.130 Next
Last modified: August 7, 2008