(1) Unless the county charter expressly provides otherwise, upon approval of the electors of a county, the county may issue general obligation bonds to finance:\n(a) Capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution.\n(b) Capital costs permitted by Article XI, section 11L, of the Oregon Constitution.\n(2) Unless the county charter provides a lesser limitation, a county may not issue or have outstanding at the time of issuance general obligation bonds in a principal amount that exceeds two percent of the real market value of the taxable property in the county, calculated as provided in ORS 308.207. [2007 c.783 §44; 2013 c.491 §4]
Oregon Legal Code