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The legal owner of record, or the contract purchasers pursuant to a recorded contract of sale, may make application for the annexation of land(s) contiguous to the City on forms to be provided by the City. Said application shall include consent to annexation which is nonrevocable for a period of three (3) years from its date; an agreement to pay the annexation fee required by Section 4.16.010 and an agreement to deposit an amount sufficient to retire any outstanding indebtedness of Public Service Districts defined in ORS 222.510. (Ord. 1943, amended, 1977)