The Port of Portland may each year assess, levy and collect taxes upon all taxable real and personal property situated within its boundaries as required:
(1) To pay principal and interest on bonds issued under ORS 778.030;
(2) To pay bonds, debentures and other obligations of the City of Portland assumed under ORS 778.020; and
(3) To pay all other expenses that may be incurred in the exercise of the powers granted to the port. [Amended by 1963 c.9 §40; 1971 c.701 §1; 1971 c.728 §143]