Authority of city to issue general obligation bonds

(1) Upon approval of the electors of a city, the city may issue general obligation bonds to finance: (a) Capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution. (b) Capital costs permitted by Article XI, section 11L, of the Oregon Constitution. (2) Unless the city charter provides a lesser limitation, a city may not issue or have outstanding at the time of issuance general obligation bonds in a principal amount that exceeds three percent of the real market value of the taxable property within its boundaries, calculated as provided in ORS 308.207. (3) The limitation described in subsection (2) of this section does not apply to general obligation bonds issued: (a) To finance the costs of local improvements assessed and paid for in installments under statutory or charter authority. (b) To finance capital construction or capital improvements permitted by Article XI, sections 11 and 11b, of the Oregon Constitution, or to finance capital costs permitted by Article XI, section 11L, of the Oregon Constitution, for: (A) Water supply, treatment or distribution; (B) Sanitary or storm sewage collection or treatment; (C) Hospitals or infirmaries; (D) Gas, power or lighting; or (E) Off-street motor vehicle parking facilities.