Full text of Charter Change Proposed by Initiative:
BE IT ENACTED BY THE PEOPLE OF THE CITY OF PORTLAND
The City Charter of the City of Portland is amended by adding to Chapter 11, Article 1, Section 11-103, which shall read:
In order to provide funds for construction, reconstruction, replacement, extension, acquisition and maintenance of water plant and property, and the acquisition of water systems, the Council may issue bonds of the City in denominations and for terms the Council determines, in the same manner other bonds of the City are issued. These bonds shall be general obligations of the City, but primarily payable from water revenue. These bonds shall not be included within the debt limit elsewhere prescribed in this Charter, however, the Council will refer prospective water revenue bond measures to the electorate for a vote where the debt service on those bonds may increase annual water rates by more than three percent (3%) in any future year except where such bonds are necessary to repair damage caused by a catastrophic event. No bonds shall be issued under this section in any year which, with the net outstanding water bond indebtedness, would exceed the total original cost of existing plant and property of the water works and system.