Oregon Revised Statutes Chapter 545 § 545.371 — Consent of bondholders; notice requiring presentation of objections;

Consent of bondholders; notice requiring presentation of objections; implication of consent; hearing of objections by directors. The board may obtain constructive consent to the release of the lien of all outstanding bonds against property to be sold by publishing a notice describing the property to be released from the lien of outstanding bonds, and requiring all holders of bonds against the district to present in writing their dissent from or objection to release of the lien of all bonds against the property to be sold. The board shall publish the notice for at least four consecutive weeks in three newspapers published in Oregon. One of the newspapers must be a newspaper published in the county in which the office of the board is located, if such a newspaper exists. Any holders who fail to file objection or dissent within 90 days from the date of the first publication of the notice shall be considered to have released the lien of their bonds on the property. The board shall enter its order to the effect that, for the purpose of the sale, the lien of all such bonds has been released from the property to be sold. If any objection or dissent is filed within the time required by the notice, the board shall fix a time for a hearing on the objection or dissent and at the hearing shall determine whether or not the sale can be made without impairing the security of the bonds. If the board determines that the sale can be made, it shall enter its order to that effect and may proceed to sell the property. If the board determines that the sale cannot be made, it may postpone the sale until the objection is removed. [Formerly 545.148]