2007 ORS 554.240¹
Retirement of bonds
  • conditions of sale
  • resolution authorizing bond issue
  • surrender of bonds in payment of assessments
  • debts not to exceed assessments or benefits

(1) The corporation may provide that bonds or any of them may be retired at the option of the corporation on any interest-paying date after the expiration of a time determined and fixed therein.

(2) Bonds and obligations shall not be sold for less than 90 percent of their face value, and may be issued all at the same time or in such amounts as the board deems necessary. Before issuing any bonds or obligations the board shall first pass a resolution authorizing the same and provide the whole amount thereof and the purpose of same and if payable from a separate fund shall designate the same. The resolution shall prescribe the form and substance of the bonds or obligations and provide with respect thereto the matters and things otherwise prescribed therefor in ORS 554.005 (Filing requirements) to 554.340 (Judicial determination of legality of proceedings).

(3) When any bond, obligation or coupon is payable from revenue by assessment to constitute a fund for the payment thereof, any such bond, obligation or coupon may at or after its maturity be surrendered to the corporation in payment of such assessment, but not in payment of any assessment for operation and maintenance expense or any other fund separately pledged for payment of other obligations, bonds or debts of the corporation. Bonds and obligations received in payment of any obligation shall be numbered consecutively and the lowest numbers paid off first.

(4) No obligations of the corporation shall be issued by the board unless it is determined that the annual assessment which will be required for the payment thereof as same matures together with other assessments which will be necessary for maintenance and operation expense and other purposes will not exceed in the whole the maximum amount of annual benefits which may be assessed and apportioned in any one year. Nor shall debts be incurred and obligations issued the aggregate amount of which will exceed the limitation determined by the determined benefits as stated in the recorded landowners’ notice.

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.