Oregon Statutes - Chapter 545 - Irrigation Districts - Section 545.675 - Parties to contract; execution.

(1) All parties described in this section are authorized to become party to, sign, seal, execute and deliver a contract agreed upon under ORS 545.671 to 545.679. The parties shall include:

(a) The irrigation district; and

(b) The owners or holders of at least 66-2/3 percent in amount of the then outstanding bonds or other evidences of indebtedness of the district, the liquidation of which is the purpose of the contract. The owners or holders jointly may become party to the contract through the agency of a protective or bondholders’ committee selected for that purpose by the owners or holders of outstanding bonds or other evidences of indebtedness.

(2) The contract shall be executed by all parties with such formalities as will entitle it to be recorded. [Formerly 545.356]

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Last modified: August 7, 2008