Retirement of bonds prior to maturity
(1) If, after 10 years from the issuance of bonds, the appropriate fund amounts to $10,000, the board of directors may direct the district treasurer or county treasurer of the principal county, as defined in ORS 198.705 (Definitions for ORS 198.705 to 198.955), if designated in the bonds, to pay that amount of the bonds not due as the money in the fund will redeem at the lowest value at which they may be offered for liquidation, or the board may call bonds at a premium of three percent, as provided in subsection (2) of this section.
(2) The board may call for payment and retire before maturity any bonds issued in accordance with ORS 545.511 (Authorization of bonds, including refunding bonds), 545.513 (Resubmission of questions to electors), 545.515 (Bonds), 545.517 (Bonds securing payments to United States) and 545.519 (Issuance of bonds), by paying principal and accrued interest and a premium of three percent upon the principal. Notice of intention to do so shall be given by publication in a newspaper published and regularly circulated in the county in which the district lands are situated. The notice shall be printed at least once a week for four successive weeks, beginning not less than 90 days prior to an interest-paying period. The notice shall state the number and amount of the bonds to be retired, the price to be paid, the date of payment and the place where payment is to be made. Bonds shall be retired in numerical order in the manner specified in the bonds. Newspaper publication of notice of redemption is not required for bonds that are in registered form. Bonds shall not be retired under this section except on a day when interest is payable by the terms of the bonds and on and after the date named in the notice. Interest on bonds described in the notice shall cease after the date named in the notice.
(3) Notwithstanding anything contained in this section, the board may issue bonds in the manner prescribed in ORS chapter 287A. [Formerly 545.214; 1997 c.171 §20; 2007 c.783 §218]
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