Loan agreements with state and federal agencies; enforcement by order of circuit court; filing of loan certificate

(1) The urban flood safety and water quality district may enter into a loan agreement with a state or federal agency. The loan agreement shall be in such form and contain such terms as the district and the agency may agree to. (2) The district may agree to impose and collect assessments against each tract of land benefited by the works or services financed by the loan agreement, to take all actions necessary to impose and collect the assessments, to assign to the lending agency the assessments as security for the loan and to take all actions within the period of time agreed to by the district and lending agency. (3) If the lending agency pays over money to the district pursuant to the terms of a loan agreement entered into under this section and the district fails, refuses or neglects to impose or collect the assessments, to obtain or prepare a roll of benefited tracts of land, to assign the assessments or in any other manner to perform as agreed under the loan agreement, the lending agency has the right, at the agency’s election, to apply to Multnomah County Circuit Court for a writ of mandamus, or any other order or writ, to require the district or the directors, employees and agents of the district to perform as agreed to under the terms of the loan agreement. In addition to the assessments imposed under the loan agreement, all costs, charges and expenses pertaining to the issuance and execution of a writ or order under this subsection shall be charged to and collected from the lands subject to the assessments. (4) Upon the execution of a loan agreement under this section, the district shall file for record a certificate that states the date of the loan agreement, the maximum amount, term and rate of the loan and the recording data pertaining to the recorded order creating the district. The certificate must give notice that all lands within the district determined to be benefited by the construction of the works specified in the loan agreement are subject to the assessments imposed under this section.