Authority to issue revenue and general obligation bonds

(1) For the purpose of providing sports and convention facilities for the people of Oregon and to exercise the powers granted by ORS 263.240 (2), the commission may issue revenue and bond anticipation notes or their equivalent, revenue bonds and general obligation bonds within the limitation now or hereafter prescribed by the laws of this state. Such notes and bonds shall be authorized, executed, issued and made payable in accordance with the applicable laws of this state. The commission may issue and sell such notes and bonds only when authorized to do so by a majority of the electors voting at a county-wide election other than the election at which the commission is established. (2) The commission may provide that such bonds mature not more than 40 years from date of their issue and may provide that such bonds also be made payable from any otherwise unpledged revenues which may be derived from the ownership or operation of any sports and convention facilities. The commission shall also have the power to advance refund bonds issued hereunder in accordance with the laws of Oregon. (3) The commission may include in the principal amount of any bonds issued to finance a sports and convention facility an amount for engineering, architectural, planning, financial, legal and other services and charges incident to the acquisition or construction of sports and convention facilities, an amount to establish necessary reserves and an amount necessary for interest during the period of construction of any facilities to be financed from the proceeds of such issue plus six months.