Oregon Statutes 198.950 – Power of trustees to convey assets
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The board of trustees may convey to another district all assets of the dissolving district as described by ORS § 198.930:
Terms Used In Oregon Statutes 198.950
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- district: means any one of the following:
(1) A people's utility district organized under ORS Chapter 261. See Oregon Statutes 198.010
(1) If the other district assumes all debts and obligations of the dissolving district and undertakes to continue to furnish the service provided by the dissolving district pursuant to the plan of dissolution and liquidation; and
(2) If the consent of all the known holders of valid indebtedness against the district has been obtained, or provision has been made in the plan for payment of the nonassenting holders. [1971 c.727 § 55]