(1) The Irrigation District Law applies to bonds authorized under ORS 545.553 and 545.555, except as otherwise provided by this section. (2) The board of directors by resolution authorizing the issuance of all or part of a bond authorization may provide: (a) The manner of the sale, public or otherwise, the denominations, the premiums if any for redemption prior to maturity, and whether or not the bonds shall be registerable as to principal or and principal and interest; (b) For the setting aside and maintaining of reserves to secure the payment of the principal of the bonds and interest on the bonds, and reserves to maintain, equip, repair, renew, renovate and replace the improvements, facilities and equipment of the district; (c) For the issuance, under proper terms and conditions, of additional or refunding bonds on a parity with the bonds being issued; (d) For the creation of necessary funds and accounts; or (e) All other terms, conditions, covenants and protective features safeguarding the payment of the bonds that are found necessary by the board. (3) The bonds may be sold at not less than 90 percent of face value, and may bear interest, evidenced by coupons, at a rate not to exceed six percent per annum. (4) The board may select a trustee for the owners and holders of the bonds, and also a trustee to safeguard and disburse the proceeds of the sale of the bonds. The rights, duties, powers and obligations of the trustee or trustees shall be fixed by the board. [Formerly 545.234]
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