(1) When authorized by the electors as set forth in ORS § 358.171, the governing body of the county may levy, in addition to the taxes now permitted by law to be levied, an ad valorem tax upon the taxable property in the county for the purpose of creating a county historical fund.

(2) The levy shall be a continuing levy in the amount required by the detailed estimates annually filed with the governing body under ORS § 358.200 less any amount carried forward from the preceding year excepting reserve funds previously set aside and approved by the governing body, but not exceeding one-fortieth of one percent (0.00025) or such part thereof as is authorized by the electors of the county, of the assessed value of all taxable property within the county, computed in accordance with ORS § 308.207. [Amended by 1963 c.9 § 17; 1977 c.325 § 1; 1991 c.459 § 323; 2023 c.173 § 4]