Section 530.606 - Creation of authority; modification; dissolution(1) Upon the written request of three individuals or upon its own motion, the governing body of a municipality may create a community forest authority for the purpose of financing community forestlands.(2) The governing body of a municipality may create a community forest authority by ordinance or resolution adopted following a public hearing held according to the laws of the municipality. The ordinance or resolution shall set forth: (a) The name of the authority.(b) The number of directors of the authority.(c) The term of office of the directors.(d) Other provisions that the governing body determines are necessary and appropriate and not inconsistent with the provisions of ORS 530.600 to 530.628.(3) Upon adoption of an ordinance or resolution creating a community forest authority, the authority is deemed created.(4) A community forest authority created under this section has the power and authority necessary to perform its duties under ORS 530.600 to 530.628.(5) The governing body that creates a community forest authority under this section may, at its sole discretion: (a) Alter or change the structure, organization, programs or activities of the authority, subject to any limitations imposed by law or contract; and(b) Dissolve the authority at any time if the authority has no outstanding revenue bonds or other obligations or if the authority makes arrangements regarding outstanding revenue bonds or other obligations that are satisfactory to creditors.