2007 ORS 554.120¹
Records of proceedings of directors
  • lien docket
  • deposit of moneys
  • segregation of funds
  • accounting
  • warrant and bond register

(1) The board of directors shall cause to be kept a well-bound book entitled "Records of Proceedings of Board of Directors," in which shall be recorded minutes of all meetings, proceedings, certificates, bonds, and any and all corporate acts, which records shall be at all times open to the inspection of anyone interested, whether members or creditors.

(2) A lien docket shall also be provided, in which, as to every tract of each owner, all assessments or liens shall be charged and all payments shall be credited, and in which interest on any assessments in arrears shall be charged at time of payment of any installment, to the end that such record shall show the true condition of all liens and the amount thereof.

(3) Except as otherwise provided by ORS 554.160 (Assessments to provide funds to meet obligations) (2), all money of the corporation shall be deposited with a convenient insured institution or trust company, as those terms are defined in ORS 706.008 (Additional definitions for Bank Act), in the name of the corporation, and all funds provided to be segregated and held separate shall be so kept, and an accounting of each of such funds upon the books of the corporation shall be correctly kept.

(4) A warrant register shall be provided in which shall be separately kept a record of all warrants issued, the number, date and amount thereof with the name of payee, and the date paid, showing principal and interest separately. The corporation shall keep a register of all bonds with a description thereof, the date thereof and when issued, and generally such a record as shall show all outstanding bonds separately of the several issues and kinds of payments. [Amended by 1969 c.694 §46; 1997 c.631 §492; 2001 c.215 §29]

Notes of Decisions

Right to inspect record of pro­ceed­ings includes right to receive copy of record upon pay­ment of appropriate fee. Miller v. Water Wonderland Improve­ment District, 326 Or 306, 951 P2d 720 (1998)

Chapter 554

Notes of Decisions

Water improve­ment district formed under this chapter is unit of govern­ment for purposes of filing suit under ORS 305.583 (Interested taxpayer petitions for certain determinations), but is not "govern­mental unit" within meaning of sec­tion 11b, Article XI of Oregon Constitu­tion. Comeaux v. Water Wonderland Improve­ment Dist., 12 OTR 132 (1992), aff'd 315 Or 562, 847 P2d 841 (1993)

Atty. Gen. Opinions

Authority of State Land Board to enter into nonprofit wa­ter supply district corpora­tion, (1978) Vol 38, p 2199

1 Legislative Counsel Committee, CHAPTER 554—Corporations for Irrigation, Drainage, Water Supply or Flood Control, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­554.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 554, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­554ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.