Section 266.490 - Bond election at discretion of board or on petition(1) For the purpose of providing funds with which to put into effect one or any combination of any of the purposes authorized under ORS 266.480, the district board, when authorized by a majority of those voting at an election called for that purpose, may borrow money and sell and dispose of general obligation bonds.(2) The district board: (a) May order an election under this section on its own resolution; or(b) Shall order an election under this section when a petition is filed as provided in this section.(3) A petition shall specify a dollar amount for carrying out any one or more of the purposes authorized by ORS 266.480. The requirements for preparing, circulating and filing a petition under this section shall be as provided for an initiative petition in ORS 255.135 to 255.205. Amended by 1967 c.609 §4; 1969 c.668 §23; 1975 c.627 §3; 1979 c.190 §410; 1983 c.350 §123