Oregon Revised Statutes Chapter 457 § 457.435 — (2)(c), may, by ordinance or resolution, irrevocably elect to become a

(2)(c), may, by ordinance or resolution, irrevocably elect to become a reduced rate plan. (b) An election made pursuant to this subsection applies first to the next following assessment roll if the assessor has received notice of the election from the urban renewal agency before January 1. (6) Notwithstanding subsection (2) of this section, the consolidated billing tax rate of a reduced rate plan excludes any rate derived from: (a) An urban renewal special levy under ORS 457.435; (b) A local option tax, as defined in ORS 280.040; (c) A tax pledged to repay exempt bonded indebtedness, as defined in ORS 310.140, other than exempt bonded indebtedness used to fund local government pension and disability plan obligations that, until funded by the exempt bonded indebtedness, were described in Article XI, section 11 (5), of the Oregon Constitution, that is approved by taxing district electors after October 6, 2001; and (d) The increase in the rate of ad valorem property tax allowable under Article XI, section 11 (5)(d), of the Oregon Constitution, for a school district with a statutory rate limit on July 1, 2003, that is greater than $4.50 per $1,000 of assessed value, to the extent that the increase is excluded from local revenues, as that term is used in ORS chapter 327, and provided that the school district notifies the county assessor of the rate to be excluded for the current fiscal year no later than July 15. (7) Notwithstanding subsection (2) of this section, the consolidated billing tax rate of a permanent rate plan excludes any rate derived from: (a) An urban renewal special levy under ORS 457.435; (b) A local option tax, as defined in ORS 280.040; (c) A tax pledged to repay exempt bonded indebtedness, as defined in ORS 310.140, other than exempt bonded indebtedness used to fund local government pension and disability plan obligations that, until funded by the exempt bonded indebtedness, were described in Article XI, section 11 (5), of the Oregon Constitution; and (d) Except for plans that had been standard rate plans prior to September 29, 2019, the increase in the rate of ad valorem property taxes allowable under Article XI, section 11 (5)(d), of the Oregon Constitution, for a school district with a statutory rate limit on July 1, 2003, that is greater than $4.50 per $1,000 of assessed value, to the extent that the increase is excluded from local revenues, as that term is used in ORS chapter 327, and provided that the school district notifies the county assessor of the rate to be excluded for the current fiscal year no later than July 15. [2009 c.317 §2; 2013 c.579 §2; 2019 c.580 §8]