Oregon Revised Statutes Chapter 545 § 545.545 — Determination of liability of individual tracts for bonded indebtedness;
Oregon Revised Statutes Chapter 545 ·
Oregon Code § 545.545·Enacted ·Last updated March 01, 2026
Statute Text
Determination of liability of individual tracts for bonded indebtedness;
acceptance of bonds and cash in payment.
(1) Upon application by any owner of a tract of land
within the district, the board of directors of any irrigation district may
determine the proportionate part of the liability of the tract for assessment
in payment of the outstanding bonded indebtedness. In determining the amount of
liability, the board shall take the total amount of bonds outstanding and
divide this sum by the total irrigable acres and multiply the quotient by the
total irrigable acres in the tract. In any district in which the cost has been
divided into units, the board shall determine the proportionate amount of
liability in the same manner, using the total amount of bonded indebtedness
apportioned to the unit and the irrigable area in the unit. After determining
the total apportioned part of the liability of any tract for the payment of
bonded indebtedness, the board of directors may accept the bonds of the
district in payment of the total amount of the liability of the tract of land
within the district. However, in addition to the bonds, a cash payment of not
less than five percent of the total amount of liability on the tract shall be
tendered and paid to the district at the time of delivery of the bonds.
(2) Except in
case of default of the district, the board of directors may enter into an
agreement with the owner of the tract of land who makes the payment, relieving
the tract of all existing assessments and liens, except warranted indebtedness,
state interest, and operation and maintenance. The transaction shall be
recorded in the minutes of the board of directors of the district.
(3) Any
additional cash payment collected by the board under subsection (1) of this
section shall be deposited with the treasurer of the district and placed in a
separate fund, which shall be used only for the retirement of bonds. [Formerly
545.216]
Plain English Explanation
This Oregon statute addresses Determination of liability of individual tracts for bonded indebtedness;
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Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 545.545
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Determination of liability of individual tracts for bonded indebtedness;
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