(1) Following authorization from the voters of a district or a service area or combination of service areas of the district, the district board may contract a bonded indebtedness to be paid by a tax levy on the taxable property within the district or the service area or service areas for any one or more of the purposes set forth in ORS 341.675. Any land acquired, college building or buildings or any additions to a building or buildings, and any real or personal property to be paid for with the proceeds of the bonded indebtedness must be located within the boundaries of the district or the service area or combination of service areas that approved the bonded indebtedness.\n(2) The aggregate amount of bonded indebtedness incurred for the benefit of a district or a service area or combination of service areas, when added to the aggregate amount of other bonded indebtedness payable from ad valorem property taxes levied within the district or the service area or combination of service areas, may not exceed one and one-half percent of the real market value of all taxable property within the district or the affected service area or service areas, computed in accordance with ORS 308.207. s, may not exceed one and one-half percent of the real market value of all taxable property within the district or the affected service area or service areas, computed in accordance with ORS 308.207. [1995 c.357 §8; 2009 c.577 §5; 2013 c.721 §3]
Oregon Legal Code