Oregon Revised Statutes Chapter 548 § 548.905 — Petition for dissolution or reorganization; contents; effect of dissolution or

Petition for dissolution or reorganization; contents; effect of dissolution or reorganization on creditors. (1) A majority of the qualified electors and landowners of a district, representing at least one-half of the acres of land assessed by the district, may by petition propose a plan for the dissolution or reorganization of the district. (2) The petition shall state: (a) That the petition is filed under ORS 548.900 to 548.955. (b) The name of the district. (c) The nature, terms and conditions of the dissolution or reorganization plan. (d) The estimated cost of the dissolution or reorganization. (e) A description of the assets of the district. (f) A description of all outstanding indebtedness, including bonds and coupons and the holders thereof, so far as known, and the provisions to be made for payment of nonassenting holders. (3) No dissolution or reorganization or any term or condition thereof shall impair the rights of any creditor of a district and each creditor may enforce the rights of the creditor in the same manner and to the same extent as if the change, term or condition had not been made. [1973 c.415 §2]