After the execution, delivery and recording of a contract as described and authorized in ORS 545.645 and 545.647, the irrigation district and all other parties to the contract, their successors, heirs, executors, administrators and assigns, may become parties to a new contract in lieu of the contract then in effect. A new contract shall be adopted under ORS 545.643 to 545.667 in the same manner as the contract then in effect. [Formerly 545.318]
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