(2) If the port purchases or otherwise acquires property as provided by subsection (1) of this section, the port may in payment therefor assume the payment of all or any part of the bonds, debentures and other obligations of the City of Portland issued, sold or incurred for the purpose of acquiring funds to construct, purchase or otherwise acquire the docks, wharves, elevators, terminals, dry docks or other properties. The aggregate amount of bonds, debentures and obligations so assumed shall not exceed a sum determined by the board to be the fair value of the property so acquired by the port. The limitation provided by ORS 778.030 shall not apply to bonds, debentures or other obligations assumed under this section.
(3) The authority granted by this section shall not be exercised without the prior approval of the electors residing within the port expressed at an election called and held within the port at which such question is submitted. [Amended by 1971 c.728 §105]