(2) The district treasurer shall, at the time and place named, open the propositions and accept the lowest bid. However, no bid shall be accepted for an amount exceeding the par value of the bonds with accrued interest thereon and seven percent premium. If bids are not offered at that figure, or less, sufficient to exhaust the amount of surplus on hand, the board of trustees may then call in any bonds of the district, giving the numbers thereof in the exact order of their issuance beginning with the lowest or first number, and redeem the same at par value and five percent premium with accrued interest to date of such recall. Thereafter interest thereon ceases and the amount due shall be set aside for payment of the bonds whenever presented. [Amended by 1969 c.694 §43; 2001 c.215 §25]
Structure 2021 Oregon Revised Statutes
Volume : 15 - Water Resources, Agriculture and Food
Chapter 547 - Drainage Districts
Section 547.010 - Petition to form district; contents.
Section 547.020 - Fixing time and place of hearing; notice; jurisdiction over district.
Section 547.030 - Evidence at hearing; findings; appeal.
Section 547.057 - Drainage district activity as urban service.
Section 547.063 - Definitions.
Section 547.065 - Public hearing required.
Section 547.067 - Powers of drainage district.
Section 547.069 - Formation of drainage district by owners of certain lands permitted.
Section 547.071 - Powers of drainage district officers and employees.
Section 547.073 - Powers of board of supervisors.
Section 547.075 - Contracts with federal government permitted.
Section 547.077 - Powers of boards of supervisors west of the Cascade Mountains.
Section 547.079 - Clogged or obstructed conditions; notice to owner or occupant.
Section 547.081 - Repair of clogged or obstructed condition.
Section 547.083 - Owner or occupant liable for repair expense; notice and recordation of lien.
Section 547.112 - Change in number of supervisors.
Section 547.205 - Appointment of engineer; duties; surveys; report; maps.
Section 547.225 - Assessment of benefits and damages by commissioners; report; compensation.
Section 547.230 - Notice of report of commissioners; publication; form.
Section 547.250 - Changes in plan for reclamation; petition for amendment of plan; notice.
Section 547.310 - Board authority regarding reclamation works; contracts; engineer’s duties.
Section 547.325 - Powers of districts under 1,000 acres regarding domestic water supply.
Section 547.410 - Maintaining improvements; notice to owner or occupant of premises.
Section 547.420 - Liability for cost of work; notice of claim of lien; foreclosure; sale of land.
Section 547.425 - Prohibited practices.
Section 547.482 - Filing boundary change with county assessor and Department of Revenue.
Section 547.492 - Alternative charge or assessment method.
Section 547.510 - Form of crop lien claim; foreclosure.
Section 547.555 - Bonds; issuance; interest; place of payment; maturities.
Section 547.570 - Bond proceeds; depository.
Section 547.580 - Retirement of bonds before maturity; call provisions.
Section 547.675 - Lien on land assessed for bond payment.