The Portland metropolitan area is a separate district, to be known as the Port of Portland, and as such shall have perpetual succession, and by that name shall exercise and carry out all the powers and objects conferred on it by law. The port may sue and be sued, plead and be impleaded in all actions, suits or proceedings brought by or against it; provided, however, that the bonded or other indebtedness of the port that was chargeable to or a lien upon the property within the limits of the port:
(1) Prior to June 30, 1963, shall not be chargeable to or a lien upon all of that property which lies east of the east boundary line of range two east of the Willamette Meridian in Multnomah County; or
(2) Prior to June 30, 1973, shall not be chargeable to or a lien upon all that property lying within the boundaries of Clackamas and Washington Counties.