(2) A public body may secure current refunding bonds with any of the revenues and covenants that the public body could have used to secure the refunded or purchased bonds under the law in effect when the refunded or purchased bonds were issued and with revenues and covenants that the public body could have used to secure the refunded or purchased bonds if the laws that are in effect when the current refunding bonds are issued were in effect when the refunded or purchased bonds were issued.

(3) A public body may authorize current refunding bonds by resolution or ordinance without complying with the procedural requirements that applied to the refunded or purchased bonds, including issuing:

(a) General obligation bonds to refund or purchase outstanding general obligation bonds without obtaining approval of the electors of the public body.

(b) Revenue bonds to refund or purchase revenue bonds that were issued in accordance with ORS 287A.150 without complying with the procedures prescribed in ORS 287A.150.

(4) The maturities of current refunding bonds authorized by this section may not exceed by more than six months:

(a) Maturity limits that were established by the electors for the refunded or purchased bonds; and

(b) A maturity limit imposed by a provision of a constitution, charter or statute that applied to the refunded or purchased bonds, if the provision imposing the limit is in effect when the current refunding bonds are issued. [2007 c.783 §54; 2009 c.538 §9; 2011 c.256 §1]