(a) One percent of the real market value of all taxable property in the county, calculated as provided in ORS 308.207; or
(b) A limitation on bonded indebtedness in the county charter.
(2) The limitation on bonded indebtedness in subsection (1) of this section does not apply to revenue bonds issued to finance pension liabilities under ORS 238.692 to 238.698 or any other law in effect prior to enactment of ORS 238.692 to 238.698. [2007 c.783 §45]