Before circulating a petition for formation of a district, the persons designated on the petition as the chief petitioners shall complete an economic feasibility statement for the proposed district. The economic feasibility statement shall form the basis for the proposed permanent rate limit for operating taxes required by ORS § 198.750 (1)(g). The economic feasibility statement shall contain:

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(1) A description of the services and functions to be performed or provided by the proposed district;

(2) An analysis of the relationships between those services and functions and other existing or needed government services; and

(3) A proposed first year line item operating budget and a projected third year line item operating budget for the new district that demonstrate its economic feasibility. [1989 c.92 § 2; 1997 c.541 § 342]