(2) A construction tax may not be imposed under ORS 320.170 to 320.195 unless the school district imposing the tax develops a long-term facilities plan for making capital improvements. The plan shall be adopted by resolution of the district board of the school district.
(3) As used in this section, "capital improvements":
(a) Means:
(A) The acquisition of land;
(B) The construction, reconstruction or improvement of school facilities;
(C) The acquisition or installation of equipment, furnishings or other tangible property;
(D) The expenditure of funds for architectural, engineering, legal or similar costs related to capital improvements and any other expenditures for assets that have a useful life of more than one year; or
(E) The payment of obligations and related costs of issuance that are issued to finance or refinance capital improvements.
(b) Does not include operating costs or costs of routine maintenance. [2007 c.829 §6]