Section 381.440 - Bond election; petition requirements; debt limitation(1) This section establishes the procedure for determining whether a county shall issue bonds for the construction of an interstate bridge under ORS 381.420. The question shall be decided by election. The county court: (a) May order the election on its own resolution; or(b) Shall order the election when a petition is filed as provided in this section.(2) The order of the county court calling the election shall set out the amount of bonds proposed to be issued, the length of time they shall run and the maximum rate of interest they shall bear.(3) The requirements for preparing, circulating and filing a petition under this section shall be as provided for an initiative petition in ORS 250.165 to 250.235.(4) Notwithstanding subsection (3) of this section, if ORS 250.155 makes ORS 250.165 to 250.235 inapplicable to a county, the requirements for preparing, circulating and filing a petition under this section shall be as provided for an initiative petition under the county charter or an ordinance adopted under the county charter.(5) Notwithstanding subsection (1) of this section, if the county debt for the construction of permanent roads already incurred or authorized, together with the new debt sought to be created by the petition, exceeds two percent of the assessed valuation of the county, then the county court shall not call an election under this section.(6) An election under this section shall be held on a date specified in ORS 203.085. The election shall be conducted under ORS chapters 246 to 260.(7) A county may hold no more than one election under this section in any 12-month period. Amended by 1983 c.350 §248