(1) After 90 days from the date of the first publication of the notice, the district shall file in the proceeding in the circuit court its verified return of its acts made under the order of the court. The district shall attach affidavits of the publication of the notice in three newspapers. After the district files its verified return, the court shall hear the cause and shall enter a judgment providing that all the owners or holders of the evidences of indebtedness who have not, within 90 days after the date of the first publication of the notice, filed in the court their written dissent and objections to the proceedings and contract, have consented to their evidences of indebtedness being liquidated in accordance with the terms of the contract.
(2) In the judgment, the court shall direct that the pro rata part of the cash received that, under the contract, belongs to the owners or holders of the evidences of indebtedness whose consent was obtained by the court proceedings be deposited with the county treasurer of the county in which the office of the district is located. The county treasurer shall be trustee for the persons entitled to the moneys. The court shall direct the deposit to be made by the officers of the district, the landowners within the district or the protective committee acting for the consenting owners or holders, as the court may consider most expedient and practicable under the terms of the contract.
(3) The judgment shall also provide that, upon the payment of the money to the county treasurer as trustee, the evidences of indebtedness held by the owners or holders shall be considered paid and no longer shall be an obligation as provided in the contract. The judgment shall further provide that, upon surrender to the county treasurer of the bonds with the unpaid interest coupons or other evidences of indebtedness, the county treasurer shall pay on demand to the owners or holders their pro rata part of the moneys deposited with the county treasurer as trustee. When paid in accordance with the contract, the county treasurer shall mark the evidences of indebtedness canceled and deliver the evidences of indebtedness to the district.
(4) All owners or holders of the evidences of indebtedness to be liquidated shall be considered to have notice of all steps taken and proceedings under ORS 545.643 to 545.667. [Formerly 545.324; 2003 c.576 §503]Section: Previous 545.649 545.651 545.652 545.654 545.655 545.656 545.658 545.659 545.660 545.662 545.663 545.664 545.666 545.667 545.671 Next
Last modified: August 7, 2008