2011 Oregon Revised Statutes
ORS Volume 9, Chapters 326 - 365
ORS Chapter 341
341.616 Levy of direct ad valorem tax to pay bonds.

(1) The district board shall ascertain and levy annually, in addition to all other taxes, a direct ad valorem tax on all the taxable property within the district if the district approved bonded indebtedness or within the territory of a service area if the service area approved bonded indebtedness. The ad valorem tax shall be sufficient to pay promptly, when and as such payments become due, the maturing interest and principal of all bonds outstanding for the district or the service area that were approved at an election held pursuant to ORS 341.611 or 341.678. The amount of the tax may be increased by an amount sufficient to retire any bonds that may be callable.

(2) Funds derived from a tax levy within the district or a service area specifically for the purpose of paying bonded indebtedness shall be applied solely to the payment of the bonds for which the taxes were levied and may not be applied to the payment of any other indebtedness.

(3) Bonds authorized pursuant to the terms of this section, and any bonds refunding the bonds, shall be issued as prescribed in ORS chapter 287A. [1995 c.357 9; 2007 c.783 134; 2009 c.577 6]