For payments due July 1, 1992, and each July 1 thereafter, the amount of the tax imposed by ORS 308.805 shall be the lesser of: (1) Four percent of all gross revenue derived from the use or operation of transmission and distribution lines (exclusive of revenues from the leasing of lines to governmental agencies) minus the cost of power to the association, or; (2) The sum of: (a) An amount obtained by multiplying the real market value of the transmission and distribution lines for the current fiscal year by the maximum school tax rate allowable under ORS 310.150, plus; (b) An amount obtained by multiplying the real market value of the transmission and distribution lines for the current fiscal year by $10 per $1,000 of real market value, plus; (c) An amount obtained by multiplying the real market value of the transmission and distribution lines by the tax rate of the county for exempt bonded indebtedness as defined in ORS 310.140.
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