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Oregon Revised Statutes

Or. Rev. Stat. § 554.270 (2026)

Purchase or lease of works and water rights; provision as to payment; serial coupon obligations

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      554.270 Purchase or lease of works and water rights; provision as to payment; serial coupon obligations. (1) Whenever the board of directors of the corporation shall by resolution determine that it is to the best interest of the corporation, the board may enter into contracts for the purchase or option to purchase or lease, upon such terms as it determines to the best interest of the corporation, any ditch, works, improvement, easement, right of way, water right or other thing required or advantageous to the corporation for the works and improvement of the land described in the articles of incorporation within the scope of the purposes therein named.

      (2) In any such case the board may by such contract provide for spreading the payments over such period as may be agreed upon and may issue therefor serial installment coupon obligations in such number and denominations as it may determine, inclusive of interest at such rate as the board may provide on all unpaid assessments, together with an amount sufficient to pay a proportionate part of the cost of administering the bond assessment program and issuing the bonds authorized under ORS 554.220 and 554.250, including, but not limited to, legal, printing and consultant’s fees, such amount to be determined by the governing body. The installment coupons shall be of such amount and stated maturity as will pay and retire all installment coupon obligations of such designated series evenly, justly and ratably from year to year at the same time, and shall be general obligations of the corporation, payable from a fund as provided in ORS 554.280. [Amended by 1981 c.322 §9]

Notes of Decisions
Cited in 3 cases, 1978–2011 · leading case: Davis v. Nye Ditch Users Improvement Dist., 268 P.3d 749 (Or. Ct. App. 2011).
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Davis v. Nye Ditch Users Improvement Dist., 268 P.3d 749 (Or. Ct. App. 2011). · cites it 2× “The statutes that plaintiffs cite, ORS 554.270 and ORS 554.080(4), are permissive.”
Davis v. Nye Ditch Users Imp. Dist., 268 P.3d 778 (Or. Ct. App. 2011). · cites it 2× “The statutes that plaintiffs cite, ORS 554.270 and ORS 554.080(4), are permissive.”
Sal La Sea Dist. Improvement Co. v. Dep't of Revenue, 7 Or. Tax 436 (Or. T.C. 1978). · cites it 2× “It argues that, under ORS 554.270(1), the plaintiff corporation has abroad statutory authority to purchase or lease any waterworks or water rights which it deems in the best interest of the corporation.”
Or. Rev. Stat. § 554.270(1): 3 cases
Davis v. Nye Ditch Users Improvement Dist., 268 P.3d 749 (Or. Ct. App. 2011). “The statutes that plaintiffs cite, ORS 554.270 and ORS 554.080(4), are permissive.”
Sal La Sea Dist. Improvement Co. v. Dep't of Revenue, 7 Or. Tax 436 (Or. T.C. 1978). “It argues that, under ORS 554.270(1), the plaintiff corporation has abroad statutory authority to purchase or lease any waterworks or water rights which it deems in the best interest of the corporation.”
Davis v. Nye Ditch Users Imp. Dist., 268 P.3d 778 (Or. Ct. App. 2011). “The statutes that plaintiffs cite, ORS 554.270 and ORS 554.080(4), are permissive.”
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