When authorized by a resolution of its board of directors, an irrigation district whose board of directors has provided for the collection of incurred charges of the district in the manner provided in ORS 545.482 to 545.508 may:
(1) Borrow moneys for payment of its operation and maintenance costs and expenses in an amount not to exceed 50 percent of the operation and maintenance charge per acre for each acre within the district or the amount of its uncollected charges for operation and maintenance, whichever is greater; and
(2) Issue and deliver as evidence of the indebtedness the promissory notes of the district bearing interest. The promissory notes shall be payable at such time as its board of directors shall determine and may contain provisions for payment of the attorney fees of the holder of the notes if suit or action is commenced for the collection of the notes. The district may agree that all or any part of the uncollected incurred charges shall be applied in payment of the promissory notes when collected. [1955 c.362 §2; 1989 c.182 §30; 1991 c.459 §423m; 1995 c.42 §122; 2001 c.476 §9]
Section: Previous 545.494 545.496 545.498 545.500 545.502 545.504 545.506 545.507 545.508 545.511 545.513 545.515 545.517 545.519 545.521 NextLast modified: August 7, 2008