(1) A district may finance the exercise of any district power or function authorized under this chapter by levying special assessments against property directly benefited thereby and by issuing special assessment improvement bonds. As security for the bonds, the district may pledge all or any part of the revenue from special assessments levied against property directly benefited. The rights and duties accorded a city and the owners of property in a city under ORS § 223.389 and 223.391 for levying special assessments and issuing special assessment improvement bonds shall apply in the same manner to a district and the owners of property in the district for purposes of levying assessments and issuing special assessment improvement bonds under this section.

(2) In addition to other requirements of ORS § 223.389 and 223.391, the directors of a district shall fix a date by which written objections to the amount of proposed assessments levied under this section may be filed with the district. The date so fixed shall be not less than 50 days after notice of the proposed assessment is mailed or delivered to the owner of each lot or parcel of property to be assessed. If written objections to the proposed assessments are filed by that date by at least 50 percent of the owners of property to be assessed who are also liable for at least 60 percent of the total amount of assessments, the directors of the district shall terminate the proposed project and assessments.

(3) Except as provided in this section, a district may not issue bonds or make assessments. [1985 c.637 § 2; 1991 c.902 § 115; 2003 c.802 § 147]

(Tax Levying Authority)