(1) The board of directors of a common or union high school district shall call an election on a date specified in ORS § 255.345 for the purpose of submitting to the electors of the district a question of contracting bonded indebtedness under ORS § 328.205 when:

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(a) A majority of the board of directors decides to call such an election; or

(b) A petition requesting such an election is filed with the board of directors as provided in this section.

(2) 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. The petition shall specify the proposed amount of bonded indebtedness. [Amended by 1957 c.658 § 2; 1965 c.100 § 50; 1971 c.513 § 62; 1973 c.57 § 1; 1973 c.796 § 25; 1979 c.424 § 1; 1983 c.83 § 46; 1983 c.350 § 138]