71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 2802
 
                         House Bill 3729
 
Sponsored by Representative WESTLUND
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Requires irrigation district to hold election if acquiring
aggregate debt or obligation greater than 25 percent of annual
operating revenue.
 
                        A BILL FOR AN ACT
Relating to irrigation districts.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2001 Act is added to and made
a part of ORS chapter 545. + }
  SECTION 2.  { + Before a district borrows moneys, enters into a
contract or agreement or issues a bond under this chapter that
will subject the district to an aggregate obligation or debt that
exceeds 25 percent of the annual operating revenue of the
district, the district shall hold an election in conformity, to
the greatest extent practicable, with ORS 545.511 and must
receive approval of its action from at least 50 percent of the
electors of the district. + }
  SECTION 3.  { + Section 2 of this 2001 Act does not affect a
loan, contract, agreement or bond entered into, made or issued
before the effective date of this 2001 Act. However, section 2 of
this 2001 Act applies to the renewal or extension of a loan,
contract, agreement or bond that causes the aggregate obligation
or debt of the district to exceed 25 percent of the annual
operating revenue of the district on or after the effective date
of this 2001 Act. + }
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