Retirement of bonds before maturity; call provisions

(1) After five years from the issuance of bonds, the board may direct the district treasurer to redeem so much of the bonds not yet due as surplus funds permit at the lowest value at which they may be offered for liquidation, or call bonds at a premium of three percent. Notwithstanding anything contained in ORS 547.555 to 547.580, the board may call for payment and retire before maturity any bonds issued in accordance with ORS 547.555 to 547.580. (2) Notice of intention to call bonds for payment before maturity shall be given by the district board by publication in a newspaper published and regularly circulated in the counties in which the district lands lie, at least once a week for four successive weeks, beginning not less than 90 days prior to an interest-paying period. The notice shall state the number and amount of the bonds to be retired, the price to be paid, and the date and place where the same are to be paid. (3) Bonds shall be retired in numerical order, and not otherwise. No bonds shall be retired under this section except on a day when interest is payable by the terms of the bonds and on and after the date named in the published notice. Interest on bonds described therein shall cease after the date named in the published notice.