(2) The district may not issue, or have outstanding at any time, general obligation bonds in a principal amount that exceeds:
(a) Five percent of the real market value of the taxable property in the district, calculated as provided in ORS 308.207, if the district has a population of less than 100 individuals within its boundaries; or
(b) 10 percent of the real market value of the taxable property in the district, calculated as provided in ORS 308.207, if the district has a population of 100 or more individuals within its boundaries.
(3) Bonds issued under this section must mature within 30 years from the date of issuance. [2015 c.560 §5]
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