(1) Common and union high school districts may contract a bonded indebtedness for any one or more of the following purposes for the district:

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(a) To acquire, construct, reconstruct, improve, repair, equip or furnish a school building or school buildings or additions thereto;

(b) To fund or refund the removal or containment of asbestos substances in school buildings and for repairs made necessary by such removal or containment;

(c) To acquire or to improve all property, real and personal, to be used for district purposes, including school buses;

(d) To fund or refund outstanding indebtedness; and

(e) To provide for the payment of the debt.

(2) However, when a common or union high school district is found under ORS § 327.103 not to be a standard school or when a school district is operating a conditionally standard school under ORS § 327.103 (3), the school district may contract a bonded indebtedness only for the purposes enumerated in subsection (1) of this section that are approved by the Superintendent of Public Instruction pursuant to rules of the State Board of Education.

(3) The school district may use the proceeds received from the sale of school district bonds to pay for any costs incurred by the school district in authorizing, issuing, carrying or repaying the bonds, including, but not limited to, attorney, consultant, paying agent, trustee or other professional fees and the cost of publishing notices of bond elections, printing such bonds and advertising such bonds for sale. [Amended by 1957 c.658 § 1; 1959 c.447 § 1; 1965 c.100 § 49; 1971 c.513 § 61; 1989 c.138 § 1; 1989 c.491 § 13; 2001 c.169 § 4; 2003 c.195 § 24]