Oregon Statutes 545.607 – Retirement of bonds before maturity
(1) Notwithstanding ORS § 545.565 to 545.621, 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 to 545.621. 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.
Terms Used In Oregon Statutes 545.607
- Amortization: Paying off a loan by regular installments.
- board of directors: means the governing body of a district. See Oregon Statutes 545.002
- District: means an irrigation district organized or operating under this chapter. See Oregon Statutes 545.002
(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]
[Repealed by 1993 c.392 § 6]
[Amended by 1975 c.72 § 1; 1991 c.459 § 423q; repealed by 1993 c.392 § 6]
[1975 c.293 § 2; 1993 c.392 § 4; 1995 c.42 § 22; renumbered 545.101 in 1995]
[Amended by 1995 c.42 § 23; renumbered 545.105 in 1995]
[1965 c.576 § 2; 1975 c.72 § 2; 1985 c.581 § 1; repealed by 1991 c.459 § 423s]
[Amended by 1995 c.42 § 24; renumbered 545.109 in 1995]
[1965 c.576 § 3; 1991 c.459 § 423r; 1995 c.42 § 25; renumbered 545.113 in 1995]
[Amended by 1993 c.392 § 5; 1995 c.42 § 26; renumbered 545.117 in 1995]