(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.\n(2) The district may not issue, or have outstanding at any time, general obligation bonds in a principal amount that exceeds:\n(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\n(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.\n(3) Bonds issued under this section must mature within 30 years from the date of issuance. [2015 c.560 §5]
Oregon Legal Code