CAPTION: Authorizes issuing revenue bonds for acquiring
electric system property
QUESTION: Shall Portland issue up to $3,000,000,000 in
revenue bonds to finance acquisition of electric system property?
SUMMARY: This measure authorizes Portland to issue up to
$3,000,000,000 in revenue bonds and use the money to acquire, construct, equip,
improve, expand and operate property that is used for the generation,
transmission or distribution of electricity in the region. The Portland City
Council must establish the terms and conditions of the bonds by a separate
ordinance before selling the bonds. The measure provides that the bonds will be
repaid solely by revenues related to the property used for the generation,
transmission or distribution of electricity. The measure specifies that the
bonds are not general obligations of Portland and that the issuance of bonds
does not authorize Portland to levy additional taxes.