(1) Except as provided in ORS § 261.355 (3) and subject to ORS § 261.355 (10), before any district issues general obligation or revenue bonds, other than general obligation refunding, revenue refunding or advance refunding bonds, the question of whether the bonds shall be issued shall be submitted to the electors of the district, either at any general, state or county election or at a special election called for that purpose by the board of the district to be held on a date specified in ORS § 255.345.

Terms Used In Oregon Statutes 261.375

  • board: means the governing body of a people's utility district, elected and functioning under the provisions of this chapter. See Oregon Statutes 261.010
  • district: means an incorporated people's utility district, created under the provisions of this chapter. See Oregon Statutes 261.010
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(2) At the election the notice and ballots shall contain a statement of the amount of bonds to be voted on and the purpose for which the bonds are to be used. If a majority of those voting on the question vote ‘yes,’ the board of directors is authorized to issue bonds of the character and in the amount designated by the election ballot. [Amended by 1973 c.796 § 14; 1975 c.598 § 5; 1979 c.558 § 26; 1991 c.572 § 5]

 

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