(1) Upon approval of the electors of a sand control district, the district may issue general obligation bonds, as prescribed in ORS § 287A.300 to 287A.380, from time to time to finance purposes and duties of the district.

Terms Used In Oregon Statutes 555.528

  • 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) The district may not issue, or have outstanding at any time, general obligation bonds in a principal amount that exceeds:

(a) Five percent of the real market value of the taxable property in the district, calculated as provided in ORS § 308.207, if the district has a population of less than 100 individuals within its boundaries; or

(b) 10 percent of the real market value of the taxable property in the district, calculated as provided in ORS § 308.207, if the district has a population of 100 or more individuals within its boundaries.

(3) Bonds issued under this section must mature within 30 years from the date of issuance. [2015 c.560 § 5]

 

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