Power of district to contract for purchase or lease of real or personal property
(1) A district may enter into a contract for the purchase or for the lease with option to purchase of real or personal property when the period of time allowed for payment under the contract does not exceed 30 years. A district entering into a contract authorized by this subsection may budget funds annually for payment of amounts due under the contract in each year during the term of the contract, unless the contract is terminated sooner in accordance with its terms.
(2) The powers granted to districts by this section are in addition to any other powers possessed by districts in this state, and this section may not be construed to limit such powers. [2003 c.794 §182]
Note: 198.611 (Power of district to contract for purchase or lease of real or personal property) was added to and made a part of ORS chapter 198 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
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