(1) To determine whether a community college district should contract a bonded indebtedness for any one or more purposes described in ORS 341.675, the question shall be decided by election. The district board may order the election on its own motion or shall order the election if a petition is filed as provided in this section.
(2) The requirements for preparing, circulating and filing a petition under this section shall be as provided for an initiative petition in ORS 255.135 to 255.205. The petition shall state the amount of the proposed bonded indebtedness and the purposes for which the indebtedness shall be contracted.