No levy of an ad valorem tax under ORS 553.710 for any one year shall exceed one-half of one percent (0.005) of the real market value of all taxable property within the subdistrict, computed in accordance with ORS 308.207. If the total sum of money required to be raised under the terms of a contract entered into by a district, together with the sum of money to be raised to pay the costs and expenses of the district incurred in connection therewith, exceeds such limitation, a levy for each year thereafter shall be made by the district until the entire contract obligation has been discharged. [Amended by 1963 c.9 §31; 1991 c.459 §432]
Section: Previous 553.650 553.655 553.660 553.665 553.670 553.710 553.720 553.730 553.740 553.750 553.760 553.810 553.815 553.820 553.850 NextLast modified: August 7, 2008