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The City of Portland, Oregon

Auditor Mary Hull Caballero

Promoting open and accountable government

Ballot Title for Petition to Refer Ordinance 179406

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.