(1) Before issuing any bonds under ORS § 450.895, the board at a regular meeting shall call an election and submit to the electors of the authority the question whether bonds of the authority, either general obligation, revenue, or a combination of both, shall be issued and sold to raise money for the construction of sewage treatment plants or trunk or lateral sewers or drains for any area or areas within the authority.

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(2) The order calling a bond election shall be signed by not less than four members of the board and may submit to the electors as one proposal the question of issuing bonds to finance one or more sewage treatment plants or trunk or lateral sewers or drains; or the order may submit as separate questions the issuance of bonds for any sewage treatment plants or trunk or lateral sewers or drains in such combinations as the order may direct.

(3) The authority’s total outstanding bonds of all kinds, including improvement bonds of the kind authorized by ORS § 223.205 and 223.210 to 223.295, and revenue bonds shall at no time exceed in the aggregate 13 percent of the real market value of all property by law assessable for state and county purposes within the authority as reflected in the last roll certified under ORS § 311.105. [1955 c.614 § 42; 1981 c.804 § 102; 1983 c.83 § 92; 1991 c.459 § 404; 1995 c.79 § 226]