Oregon Revised Statutes Water Resources: Irrigation, Drainage, Flood Control, Reclamation § 545.365

Any irrigation district foreclosing or otherwise acquiring any real property may lease, operate or sell the property upon such terms and taking such security for the rental or purchase price as the board of directors may consider advisable. A member of the board of directors or employee of the irrigation district shall not purchase or be interested in any contract for purchase of lands sold by the district.