Borrowing for payment of operation and maintenance costs
When authorized by a resolution of its board of directors, an irrigation district whose board of directors has provided for the collection of incurred charges of the district in the manner provided in ORS 545.482 (Authorization of method for billing and collecting incurred charges) to 545.508 (Moneys collected) may:
(1) Borrow moneys for payment of its operation and maintenance costs and expenses in an amount not to exceed 50 percent of the operation and maintenance charge per acre for each acre within the district or the amount of its uncollected charges for operation and maintenance, whichever is greater; and
(2) Issue and deliver as evidence of the indebtedness the promissory notes of the district bearing interest. The promissory notes shall be payable at such time as its board of directors shall determine and may contain provisions for payment of the attorney fees of the holder of the notes if suit or action is commenced for the collection of the notes. The district may agree that all or any part of the uncollected incurred charges shall be applied in payment of the promissory notes when collected. [1955 c.362 §2; 1989 c.182 §30; 1991 c.459 §423m; 1995 c.42 §122; 2001 c.476 §9]
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