ORS 545.631
Consent of creditors to refunding of indebtedness

(1)

Before authorizing the issuance of bonds under ORS 545.565 (Refunding bonds) to 545.621 (Exchange of refunding bonds for outstanding indebtedness), the board of directors shall require that the known holders or their representatives of not less than 80 percent of the total amount of all evidences of indebtedness, whether warrants, bonds or certificates that are to be retired or refunded, shall submit to the board of directors for its acceptance an offer:

(a)

To deliver and surrender all evidences of indebtedness in exchange for bonds or cash, or both, not exceeding the maximum amount of the total assessment; or

(b)

To accept in full payment of the outstanding indebtedness a sum of money or refunding bonds, or both, representing the proportion which the total proposed refunding payment bears to the total outstanding indebtedness proposed to be refunded, based on the par value of the proposed refunding payment. The creditors must agree to absorb the loss between the amount of the total outstanding indebtedness and the amount of the refunding payment, and to receive the refunding bonds or cash, or both, in full payment, satisfaction and discharge of the outstanding. The creditors must further agree to make such proper pro rata distribution of the refunding payment as is required to retire and discharge the total outstanding indebtedness proposed to be refunded.

(2)

The offer shall be in writing and when submitted to the board of directors and accepted by the board, the offer shall be irrevocable until after the board of directors has had the opportunity to authorize the issuance, sale and delivery of refunding bonds to replace and discharge the outstanding indebtedness. Any litigation that is intended to or will restrain or prevent the board of directors from issuing and delivering the refunding bonds shall not subject the offer to revocation until after the litigation is concluded and the board of directors has a reasonable time thereafter in which to issue, sell and deliver the refunding bonds. The offer shall be considered accepted by the board of directors upon delivery of the offer to the board. [Formerly 545.280]

Source: Section 545.631 — Consent of creditors to refunding of indebtedness, https://www.­oregonlegislature.­gov/bills_laws/ors/ors545.­html.

545.001
Short title 545.002
Definitions 545.007
Voting rights 545.025
Purposes of irrigation district 545.029
Hearing of petition by county court 545.033
Naming and division of districts 545.037
Notice of election for determining organization of district 545.041
Conduct of election 545.043
Qualifications of directors 545.051
Change of boundaries authorized 545.057
Petition for inclusion of lands within district 545.059
Notice of petition 545.061
Hearing on petition 545.067
Liability of petitioners for obligations of district 545.071
Acceptance or rejection of petition 545.075
Requirements that may be imposed upon petitioners in western Oregon district 545.079
Recording of order including lands in district 545.085
Record of petition 545.089
Redivision of district 545.091
Inclusion of lands not subject to charges of district 545.093
Creation of subdistricts 545.094
Engineering plan for improvements within subdistricts 545.095
Charges or assessments for improvements within subdistrict 545.097
Exclusion of tracts 545.099
Petition for exclusion of lands from district 545.101
Exclusion of subdivisions with three or more tracts on each acre of land 545.105
Assent of bondholders 545.109
Recording minutes of board 545.113
State agency to pay assessment and charges or to petition for exclusion 545.123
Redivision of district 545.126
Liability of excluded lands for district’s obligations 545.131
Union or merger of districts 545.135
Elections subsequent to organization of district 545.137
Notices of election 545.139
Board of election 545.141
Conduct of election 545.145
Certificate of vote 545.149
Canvass of returns 545.153
Statement of result 545.163
Procedures for conducting election by mail 545.167
Division of district for election of directors 545.169
Election of directors from newly created divisions 545.171
Election precincts in divisions 545.181
Organization of board 545.183
Compensation and expenses of officers and employees 545.185
Meetings of board 545.187
Vacancy in office when director ceases to be resident or landowner 545.188
Filling vacancy in office of director 545.189
Recall of director 545.199
Increase in number of directors upon determination of board or petition 545.203
Election of additional directors 545.207
Redivision of district upon increase in directors 545.211
Decrease in number of directors 545.221
Powers and duties of board as to management of district 545.225
Contracts 545.237
Right to enter upon lands for inspection and maintenance of water works 545.239
Right to enter upon and acquire lands and water rights 545.241
Bond or other security as condition of immediate possession in condemnation by irrigation or drainage district 545.245
Right to immediate possession in condemnation proceeding 545.249
Right to condemn for irrigation purposes is a superior right 545.253
Title to and rights in property acquired 545.257
Authority of irrigation district to acquire domestic or municipal water works 545.271
Furnishing water 545.275
Lien on crops for water supplied for irrigation 545.279
District may require water control devices and measuring devices 545.283
Joinder of districts in acquisition or construction of irrigation or other water use works 545.287
Directors may construct or maintain improvements, levy assessments or provide for charges 545.291
Apportionment of water to tracts 545.293
Resolution for water distribution works or services 545.295
Conditions required in certain districts before delivering water to additional lands 545.301
Financing acquisition of water works 545.303
Water works system to be self-sustaining 545.305
Election concerning acquisition of water works 545.307
Investment of surplus funds in federal or state bonds 545.315
Petition to construct improvements for irrigation 545.319
Elections on question of constructing improvement 545.323
Majority of votes required to approve construction of improvement 545.335
Drainage works 545.343
Obligations or contracts with United States under Reclamation Act 545.345
Conveyance of lands to United States 545.347
Obligations or contracts with United States under Fact Finders’ Act 545.349
Authority to transfer land to federal government for development and colonization 545.351
Acquisition of lands from owners 545.355
Proceedings on extension or cancellation of payments due federal government 545.359
Contracts with federal government for flood control works 545.365
Disposition of real property acquired by district 545.367
Authorization of sale of property, excess water or hydroelectric power 545.369
Release of lien of bonds 545.371
Consent of bondholders 545.373
Proceeds of sale 545.375
Purchaser rights 545.381
Annual assessments 545.385
Certain lands may be assessed at different amounts 545.387
Assessment on benefit basis 545.389
Deduction for rights or property required by district 545.391
Assessments for contracts with United States 545.393
Resolution concerning assessments for payment to United States 545.395
Development of district by units 545.397
Districts developed by units 545.399
Contract with United States 545.401
Deposit of moneys in special fund 545.413
Record of assessments and apportionments 545.416
Equalization of assessment and apportionment of taxes 545.418
Meeting of board 545.420
Certification of assessments to county assessors 545.422
Nonperformance by board 545.424
Validation of assessments 545.426
Misnomer or mistake relating to ownership not to affect sale 545.428
Collection of assessments by board secretary 545.430
Objections by bondholders 545.460
Withholding water while assessments are unpaid 545.462
Cancellation or compromise of assessment liens on lands acquired by county for taxes 545.464
Order to tax collector to cancel or change liens 545.466
Effect of ORS 545.462 and 545.464 on existing laws 545.468
Exemption of parcel of land from payment of charge or assessment 545.471
Charges for water supply 545.473
Districts providing for collection of charges by board secretary 545.475
Lands subject to assessment 545.477
Collection of charges 545.479
Provisions not exclusive nor operative to relieve district of duty respecting obligations 545.482
Authorization of method for billing and collecting incurred charges 545.484
Computation of amount to be raised 545.487
Pressurization charge 545.494
Unpaid charge as lien on land 545.496
Collection of incurred charges 545.498
Surety bond to be given by board secretary prior to handling district funds 545.502
Foreclosure 545.504
Redemption of land upon or prior to foreclosure sale 545.506
Payment of taxes by district 545.507
Borrowing for payment of operation and maintenance costs 545.508
Moneys collected 545.511
Authorization of bonds, including refunding bonds 545.513
Resubmission of questions to electors 545.515
Bonds 545.517
Bonds securing payments to United States 545.519
Issuance of bonds 545.521
Bonds of districts organized before 1925 with indebtedness of $50,000 545.529
Bonds and payments payable from assessments 545.532
Increase of assessments to meet defaults 545.535
Lien against assessed lands 545.537
Sale of lands for delinquency 545.539
Bond sinking funds 545.541
Retirement of bonds prior to maturity 545.545
Determination of liability of individual tracts for bonded indebtedness 545.551
Application of ORS 545.553 and 545.555 545.553
Petition for election on authorization and issuance of bonds 545.555
Holding election 545.557
Bonds 545.559
Bonds and coupons to be negotiable instruments 545.565
Refunding bonds 545.567
Determination of liability for assessment to pay bonds 545.569
Amounts paid to owners for property or rights 545.571
Notice of determination 545.573
Equalization of assessments 545.575
Order determining benefits 545.577
Notice of proceedings 545.579
Pleadings 545.581
Assessment installments 545.585
Bonds 545.589
Recording of assessments 545.595
Payment of assessment 545.599
Five-year additional assessment 545.603
Entry on assessment roll 545.607
Retirement of bonds before maturity 545.617
Sale of land for delinquent assessments 545.621
Exchange of refunding bonds for outstanding indebtedness 545.629
Declaration of intent to dispose of bonds 545.631
Consent of creditors to refunding of indebtedness 545.633
Obtaining constructive consent of unknown or dissenting creditors 545.635
Notice of court proceeding to obtain constructive consent 545.637
Hearing on petition 545.639
Nature of proceeding 545.643
Contract providing plan of liquidation 545.645
Terms of contract 545.647
Recording of contract 545.649
New contract in lieu of previous contract 545.651
Constructive consent of holders of outstanding indebtedness 545.655
Notice of petition and terms of contract 545.659
Hearing on petition 545.663
Nature of proceeding 545.667
State Treasurer as depository 545.671
Contract providing plan of liquidation 545.673
Terms of contract 545.675
Parties to contract 545.677
Election authorizing directors to enter into contract 545.679
Recording of contract 545.683
Submission of claims to board 545.685
Establishing bank account for payment of labor and emergency expenses
Green check means up to date. Up to date

Current through early 2024

§ 545.631’s source at oregon​.gov