Section 550.320 - Ad valorem property taxes; Local Budget Law applicable(1)(a) The urban flood safety and water quality district may annually impose, assess and collect a tax on all taxable property located in the district in an amount sufficient to pay the principal and interest due in the fiscal year on outstanding general obligation bonds issued by the district.(b) The tax imposed pursuant to this subsection shall be applied only in payment of the principal and interest due on bonds issued by the district. In addition, the district may apply any otherwise unobligated district funds toward payment of the principal and interest due on the bonds.(2) The district is a municipal corporation for purposes of ORS 294.305 to 294.565 and shall file a written notice with the county assessor as required under ORS 310.060.