(1) "Local option taxes" means taxes described under section 11 (4) or (7)(c), Article XI of the Oregon Constitution, and does not include serial levies or continuing levies first imposed in the tax year beginning July 1, 1997, that merely replace serial or one-year levies imposed in the tax year beginning July 1, 1996.

(2) "Measure 5 assessed value rate" means the rate determined under ORS 310.238.

(3) "Measure 5 imposed tax estimate" means the amount determined under ORS 310.210 solely for purposes of tax reduction distribution and is not the amount of tax actually to be imposed on property for the tax year.

(4) "Measure 5 value" means the real market value of taxable property that is not subject to special assessment or the specially assessed value of property subject to special assessment.

(5) "Measure 47 comparison taxes" means taxes calculated under ORS 310.212. The Legislative Assembly is expressly not adopting by reference any provision of repealed Ballot Measure 47 (1996) under ORS 310.200 to 310.242.

(6) "Operating taxes" has the meaning given that term in ORS 310.055.

(7) "Permanent rate limit on operating taxes" means a taxing district’s maximum rate of operating taxes allowed under section 11 (3), Article XI of the Oregon Constitution.

(8) "Pre-reduction Measure 50 taxes" means the amount determined by subtracting those taxes not subject to reduction under section 11 (3), Article XI of the Oregon Constitution, from the Measure 5 imposed tax estimate.

(9) "Qualified taxing district obligations" means any portion of a local taxing district levy that is used to repay:

(a) Principal and interest for any bond issued before December 5, 1996, and secured by a pledge or explicit commitment of ad valorem property taxes or a covenant to levy or collect ad valorem property taxes;

(b) Principal and interest for any other formal, written borrowing of moneys executed before December 5, 1996, for which ad valorem property tax revenues have been pledged or explicitly committed, or that are secured by a covenant to levy or collect ad valorem property taxes;

(c) Principal and interest for any bond issued to refund an obligation described in paragraph (a) or (b) of this subsection; or

(d) Local government pension and disability plan obligations that commit ad valorem property taxes and the ad valorem property taxes imposed to fulfill those obligations.

(10) "Statutory rate limit on operating taxes" means the maximum rate of operating taxes that may be imposed after supplemental statutory reduction under ORS 310.222 (6).

(11) "Urban renewal increment" has the meaning given the term "increment" in ORS 457.010. [1997 c.541 §21; 2003 c.46 §25]