Oregon Statutes 266.490 – Bond election at discretion of board or on petition
(1) For the purpose of providing funds with which to put into effect one or any combination of any of the purposes authorized under ORS § 266.480, the district board, when authorized by a majority of those voting at an election called for that purpose, may borrow money and sell and dispose of general obligation bonds.
Terms Used In Oregon Statutes 266.490
- District: means park and recreation district formed under this chapter. See Oregon Statutes 266.010
- District board: means the governing body of a district. See Oregon Statutes 266.010
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(2) The district board:
(a) May order an election under this section on its own resolution; or
(b) Shall order an election under this section when a petition is filed as provided in this section.
(3) A petition shall specify a dollar amount for carrying out any one or more of the purposes authorized by ORS § 266.480. The requirements for preparing, circulating and filing a petition under this section shall be as provided for an initiative petition in ORS § 255.135 to 255.205. [Amended by 1967 c.609 § 4; 1969 c.668 § 23; 1975 c.627 § 3; 1979 c.190 § 410; 1983 c.350 § 123]
[Amended by 1969 c.668 § 24; repealed by 1971 c.647 § 149]
[Amended by 1963 c.9 § 12; repealed by 1969 c.668 § 25 (266.512 enacted in lieu of 266.510 and 266.520)]