Payment of bonds; issuance of improvement bonds. (1) All general obligation and revenue bonds shall be paid within a period of 30 years and in annual installments of such amounts as will make the combined amount of principal and interest payable each year as nearly equal as practicable during the years of payment

(2) Improvement bonds may be issued in the manner provided by ORS 223.205 and 223.210 to 223.295 without submitting the question of their issuance to the electors of the district. [Amended by 1955 c.612 §2; 1969 c.563 §15; 1983 c.350 §270]