Oregon Revised Statutes Water Resources: Irrigation, Drainage, Flood Control, Reclamation § 545.519

(1) Bonds shall be issued in accordance with ORS chapter 287A.

(2) Nothing in this section shall inhibit the district from providing for the irrigation or drainage in units or portions of units from time to time.

(3) The board by resolution entered on its records may cancel any bonds of the district that have not been sold or deposited as security for funds advanced or to be advanced, and that this state, the United States or any other person has no claim to or equity in. After the cancellation, the bonds shall not be sold or otherwise disposed of. After cancellation, the bonds shall be invalid and of no effect. The board may not replace bonds canceled under this subsection without authorization of the electors.