When proceeding under ORS § 545.565 to 545.621, the board of directors of any irrigation district that desires to issue refunding bonds in a satisfaction or discharge of any outstanding indebtedness or to replace outstanding indebtedness, may, instead of retiring the outstanding indebtedness from the proceeds of the sale of the bonds, exchange the refunding bonds for the outstanding indebtedness and in full compromise, satisfaction and discharge of the outstanding indebtedness. The board of directors shall issue the bonds in such denominations and to the several holders of the outstanding indebtedness as may be found necessary and expedient in the retirement of the outstanding indebtedness. The State Treasurer, on behalf of the state, may negotiate and arrange terms for exchange of interest certificates of indebtedness issued to the state by the district for district refunding bonds on the same terms as those bonds are accepted by other creditors. [Formerly 545.274]

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[Amended by 1995 c.42 § 29; renumbered 545.131 in 1995]

[Amended by 1985 c.581 § 2; 1995 c.42 § 39; renumbered 545.167 in 1995]

[Formerly 545.276; repealed by 1999 c.452 § 30]

[Amended by 1995 c.42 § 40; renumbered 545.169 in 1995]

[Amended by 1995 c.42 § 41; renumbered 545.171 in 1995]