(1) Following authorization from the voters of a service area, the district board may contract a bonded indebtedness to be paid by a tax levy on the taxable property within such service area for any one or more of the purposes set forth in ORS 341.675. Any land acquired, college building or buildings or any additions thereto, and any real or personal property to be paid for with the proceeds of such bonded indebtedness must be located within the boundaries of such service area.
(2) The aggregate amount of bonded indebtedness incurred for the benefit of a service area, when added to the aggregate amount of other bonded indebtedness payable from ad valorem property taxes levied within such service area, shall not exceed one and one-half percent of the real market value of all taxable property within such service area, computed in accordance with ORS 308.207. [1995 c.357 §8]
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