(2)(a) A city may not, unless authorized to do so by its electors, contract a voluntary floating indebtedness in excess of the sum of $5,000 for general city purposes. A city official or employee who creates or officially approves such an indebtedness in excess of the limitation shall be liable for the amount of the excess.
(b) Notwithstanding paragraph (a) of this subsection, a city may contract a voluntary floating indebtedness in excess of the sum of $5,000 for general city purposes without an election specifically approving the indebtedness if authorized to do so by a statute or charter.
(3) As used in this section, "city" has the meaning given that term in ORS 221.010. [Amended by 2003 c.195 §9]
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