ORS 545.671: Contract providing plan of liquidation; resolution of directors.

Any irrigation district desiring to become a party to any contract providing a plan for the liquidation in any manner of all or part of its outstanding bonded or other indebtedness, whether then due or not due, may choose to adopt the procedure provided by ORS 545.671 to 545.679. The procedure provided by ORS 545.671 to 545.679 is in lieu of other procedures provided by law. Before becoming a party to a contract under ORS 545.671 to 545.679, the board of directors shall adopt a resolution substantially describing all the terms and conditions of the proposed contract.