Retirement of bonds before maturity
(1) Notwithstanding ORS 545.565 (Refunding bonds) to 545.621 (Exchange of refunding bonds for outstanding indebtedness), the board of directors of an irrigation district may call for payment and retire before maturity any bonds issued in accordance with ORS 545.565 (Refunding bonds) to 545.621 (Exchange of refunding bonds for outstanding indebtedness). If sufficient funds are available for the purpose in the special bond fund, the board may direct the treasurer to pay that amount of 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 for par. The par value of all amortization bonds shall be considered to be the present worth of the unpaid installments on the bonds, discounted to the date they are called at the rate of seven percent per annum. Payment may be made at the office of the county treasurer of the principal county, as defined in ORS 198.705 (Definitions for ORS 198.705 to 198.955).
(2) Notice of intention to call in any bonds shall be given by the board of directors by publication in a newspaper published and regularly circulated in the county in which the district lands are situated, at least once each week for four successive weeks beginning not less than 90 days prior to any interest payment period. The notice shall state the number and amount of bonds to be retired, the price to be paid, the date when payment is to be made and the place where the bonds are to be paid.
(3) The bonds so called shall be retired in numerical order and not otherwise. A bond shall not be retired under this section except on a day when interest is payable under the terms of the bond and on and after the date given in the published notice. The interest on bonds described in the notice shall cease after the date named in the published notice, and the notice is published as provided by subsection (2) of this section. [Formerly 545.270]
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