ORS 759.315 (Purposes for which securities may be issued) does not apply to the issuance, renewal or assumption of liability on any evidence of indebtedness when such issuance, renewal or assumption is for the purpose of acquiring specific real or personal property, if the aggregate principal amount thereof, together with all other then outstanding evidences of indebtedness issued, renewed or assumed under this section, does not exceed whichever is the greater of the following amounts:
The amount of $75,000.
The amount of one-half of one percent of the sum of:
The total principal amount of all bonds or other securities representing secured indebtedness of the telecommunications utility issued or assumed and then outstanding; and
The capital and surplus as then stated on the books of account of the telecommunications utility. [1987 c.447 §32]