Oregon Statutes - Chapter 545 - Irrigation Districts - Section 545.673 - Terms of contract.

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 545.671 to 545.679 may provide a plan for liquidation of any indebtedness of the district to which all the parties may agree. The contract may provide for terms of discount of the principal and interest, times and manner of payment and apportionment of the obligations of the contract over the irrigable or other lands. The contract may also provide for the manner and method of making assessments for payment of the principal and interest agreed to be paid, and for the issuance of certificates or other evidences of participation in the contract by the owners or holders of evidences of indebtedness of the district. The contract may contain a provision permitting the release of any land in the district from any lien created by the contract to secure the payment of the obligations of the contract as to that land or relieving any land in the district from any obligation to pay any assessment thereafter levied for the purpose of meeting the obligations or interest accruing under the contract. The contract may provide that the release or relief of land from liens or obligations under the contract may be done by payment to the district of an amount of money as provided in the contract, or by delivery of bonds or coupons or other evidence of participation in the contract. [Formerly 545.354]

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Last modified: August 7, 2008