(1) The State Board of Education shall include as a part of the election called for formation of a district the question of a permanent rate limit for operating taxes to finance the district’s share of operating and capital expenses. The rate limit shall be specified by the state board as a result of its study and the hearing held under ORS 341.055. The state board may also include the question of incurring indebtedness to pay organizational expenses of the district between the time the district is approved and the first budget is adopted. If the question of incurring indebtedness is approved, the district may borrow money on its negotiable, short-term, promissory notes in an aggregate amount not to exceed the limit approved at the election and may, notwithstanding ORS 294.326, expend such money without the preparation and adoption of a budget.
(2) In preparing its first budget, the board of the district shall provide for the repayment of the indebtedness incurred for organizational expenses under subsection (1) of this section. [1965 c.129 §2; 1969 c.673 §10; 1971 c.513 §77; 1995 c.67 §7; 1997 c.541 §380]
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