2011 Oregon Revised Statutes
ORS Volume 9, Chapters 326 - 365
ORS Chapter 341
341.613 Bonded indebtedness restrictions.

(1) Following authorization from the voters of a district or service area, the district board may contract a bonded indebtedness to be paid by a tax levy on the taxable property within the district or 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 to a building or buildings, and any real or personal property to be paid for with the proceeds of the bonded indebtedness must be located within the boundaries of the district or the service area that approved the bonded indebtedness.

(2) The aggregate amount of bonded indebtedness incurred for the benefit of a district or service area, when added to the aggregate amount of other bonded indebtedness payable from ad valorem property taxes levied within the district or service area, may not exceed one and one-half percent of the real market value of all taxable property within the district or service area, computed in accordance with ORS 308.207. [1995 c.357 8; 2009 c.577 5]