(1) For the purpose of providing funds with which to put into effect one or any combination of the purposes authorized under ORS 403.535, the district board of a radio and data district, when authorized by a majority of those voting at an election called for that purpose, may borrow money and sell and dispose of general obligation bonds.
(2) The district board:
(a) May order an election under this section on its own resolution; or
(b) Shall order an election under this section when a petition is filed as provided in this section.
(3) A petition shall specify a dollar amount for carrying out any one or more of the purposes authorized by ORS 403.535. The requirements for preparing, circulating and filing a petition under this section shall be as provided for an initiative petition under ORS 255.135 to 255.205.