When a petition to create a city under ORS § 222.210 to 222.310 is filed with the clerk or recorder of a city under ORS § 222.230, an economic feasibility statement concerning the proposed city described in the petition shall also be filed with the clerk or recorder. The economic feasibility statement shall be prepared by the petitioners and, if applicable, shall form the basis for the proposed permanent rate limit for operating taxes required by ORS § 222.230 (2). 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 city;

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

(3) A proposed first year line item operation budget and a projected third year line item operating budget for the new city that demonstrate its economic feasibility. [1989 c.92 § 33; 1997 c.541 § 355]