ORS 545.651 Constructive consent of holders of outstanding indebtedness; procedure for obtaining consent; petition

For the purpose of obtaining constructive consent of the unknown owners or holders of the bonds or other evidences of indebtedness, who have not either personally or through a protective committee become party to the contract executed in accordance with ORS 545.643 to 545.667, the board of directors shall file a petition in rem verified by the oath of the president or secretary of the district. The petition shall substantially describe the terms and conditions of the contract executed by the district for the liquidation of the bonds or other evidences of indebtedness. The petition shall be filed in the circuit court for the county in which the office of the district is located.

The petition shall further state what percentage of owners or holders of bonds or other evidences of indebtedness have become parties to the contract. The percentage shall be not less than 80 percent of those owners or holders. The petition shall further set forth what steps have been taken to get the consent of all nonconsenting owners or holders of the bonds or other evidences of indebtedness.