Oregon Revised Statutes Public Lands § 273.281

The Department of State Lands shall require applicants for the purchase of submersible lands to pay in full for such lands at the time of purchase. Applicants for the purchase of school, agricultural college, university, swamp or indemnity lands shall make payments at such times, and with such interest for deferred payments as the department may prescribe. However, the obligation may not be allowed to stand for a longer period than five years after the date of issuance of the certificate under ORS 273.285.