Oregon Statutes 553.650 – Property liable for indebtedness of district
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In addition to the provisions for the payment of bonds and interest by taxation and other provisions of this chapter, all the property of the subdistrict, including irrigation and other works, shall be liable for the indebtedness of the subdistrict. The holder of the bonds, or the United States in case contract has been executed by the United States, may, in case of default in the payment of interest or principal on the bonds, or the amount due on the contract, upon the order of the circuit court, take possession of the works of the subdistrict and operate the same until the amount in default is fully paid. [1965 c.623 § 24]
Terms Used In Oregon Statutes 553.650
- Contract: A legal written agreement that becomes binding when signed.
- Court: means the county court having jurisdiction over a water control district and includes the board of county commissioners. See Oregon Statutes 553.010
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
- Works: means dams, storage reservoirs, canals, ditches, dikes, levees, revetments, and all other structures, facilities, improvements and property necessary or convenient for draining land, controlling flood or surface waters, or supplying lands with water for irrigation, domestic or other purposes. See Oregon Statutes 553.010