(1) Notwithstanding any other statute expressly or impliedly limiting the powers of the parties named in this section to enter into a contract, a contract under ORS 545.643 to 545.667 may provide a plan for liquidation of any indebtedness by the district to which the parties may agree. The contract may provide for terms of discount of the principal or interest, times and manner of payment and apportionment of the obligations of the contract over the irrigable or other lands within the district and the water rights appurtenant to those lands. All parties named in subsection (2) of this section may become party to, sign, seal, execute and deliver any contract so agreed upon, according to ORS 545.643 to 545.667.
(2) The parties to the contract shall include:
(a) The county courts of the counties in which the lands are located.
(b) The owners or holders of at least 80 percent of the amount of the then outstanding bonds or other evidences of indebtedness of the district, liquidation of which is the purpose of the contract. However, the owners or holders jointly may become party to the contract through the agency of a protective committee selected for that purpose by the owners or holders. The authority of the protective committee in the premises shall sufficiently be evidenced by the deposit, at the request of the protective committee, of at least 80 percent of the amount of the bonds or other evidences of indebtedness with the county treasurer of the county in which the office of the district is located. The bonds or other evidences of indebtedness shall be deposited pursuant to a deposit and agency agreement between the owners or holders and the protective committee.
(c) All persons who own any lands in the district or whose deeds would be required under law in order to convey such title as then is outstanding in private ownership to any lands included in the district or whose transfer of any government or state lands would be required or permitted under law in order to convey such interests then outstanding in private ownership in the lands. However, the lands described in and covered by the contract may be all or part of the lands within the district upon which all of the parties to the contract agree.
(3) The contract shall be executed by all parties with such formalities as will entitle it to be recorded. [Formerly 545.314]Section: Previous 545.629 545.631 545.633 545.635 545.637 545.639 545.643 545.645 545.647 545.649 545.651 545.652 545.654 545.655 545.656 Next
Last modified: August 7, 2008