(1) Upon delivery of the bonds, the secretary of the district shall furnish to the county clerk of each county in which lands of the district are situated:
(a) A certified copy of the resolution of the board authorizing the bonds, of the resolution of the board fixing the annual per acre payments to be made in payment of the principal and interest of the bonds, and of the district treasurer’s registration record;
(b) A certified statement of the lands within the district liable under the bonds, described in subdivisions of 40 acres except where the individual ownership thereof requires a description in lesser subdivisions or by metes and bounds or by calls; and
(c) A certified statement of the total amount of refunding bonds charged against each parcel of land, the amount of the annual payment thereof, the date of payment and the rate of interest.
(2) The county clerk shall record such information in a book to be provided by the county clerk for that purpose, which shall then be a bond lien docket of the drainage district for the lands of the district within the county and shall constitute the total of such charges or assessments and the maximum of the lien against the lands by reason of the bonds. This sum shall not be increased or enlarged by any subsequent assessment because of any delinquencies in payment of the bond lien and interest charge against any other tract or parcel of land in the district. Unpaid annual assessments or charges docketed therein shall bear interest at the rate of six percent per annum. All unpaid annual payments, principal and interest, shall remain a lien on the tract or parcel of land in favor of the district and shall have priority over all other liens and encumbrances except the lien of state, county and municipal taxes.
(3) Any time after issuance of the bonds, the owner of any tract or parcel of land may relieve the tract or parcel of the lien by paying to the county clerk, for the benefit of the district, the amount of the principal and interest remaining unpaid thereon. The clerk shall thereupon pay the money over to the district treasurer to be credited to the district’s bond fund. The clerk shall note on the bond lien record the fact of such payment and of the satisfaction and discharge of the lien. Upon such payment of the lien on any tract or parcel of land, the tract or parcel shall forever thereafter be relieved from taxation or assessment for the payment of the bonds or of any bonds issued to refund the bonds, except for such assessment or charge as may be levied by the board of supervisors to create an emergency fund, as provided in ORS 547.680.
(4) The collector of the district’s assessment and taxes shall receive any past due bond of the district or any past due coupon on any bond of the district in payment of any of the charges and payments referred to in this section.
(5) The lien of the annual payments or charges shall be foreclosed as other drainage district liens are foreclosed. [Amended by 1969 c.694 §45; 2001 c.215 §27]
Section: Previous 547.610 547.615 547.620 547.655 547.660 547.665 547.670 547.675 547.680 547.685 547.690 547.695 547.697 547.755 547.760 NextLast modified: August 7, 2008