(1) Except as provided in ORS 261.355 (3) and subject to ORS 261.355 (10), before any district issues general obligation or revenue bonds, other than general
obligation refunding, revenue refunding or advance refunding bonds, the question of
whether the bonds shall be issued shall be submitted to the electors of the district,
either at any general, state or county election or at a special election called for
that purpose by the board of the district to be held on a date specified in ORS 255.345.
(2) At the election the notice and ballots shall contain a statement of the amount
of bonds to be voted on and the purpose for which the bonds are to be used. If a majority of those voting on the question vote “yes,” the board of directors is
authorized to issue bonds of the character and in the amount designated by the election
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