48-2776. Exchange of refunding bonds for
bonds, coupons or evidences of indebtedness; report of
cancellations
A. When refunding bonds issued under this article are executed, they shall be
deposited with the treasurer of the county in which the district was organized. The
treasurer shall receive the bonds, give receipt therefor, and shall be charged with them
on his official bond. The treasurer shall not deliver the refunding bonds in exchange
for any bonds or indebtedness proposed to be refunded until such bonds or evidences of
indebtedness have been delivered to him and he has been ordered by the board of
directors, by an order entered on its minutes, to make such delivery.
B. When the refunding bonds have been exchanged for other bonds, coupons or
evidences of indebtedness, the treasurer shall at once cancel such other bonds, coupons
or evidences of indebtedness by writing across the face thereof "cancelled" and the date
of cancellation. The treasurer shall report the cancellations with his next regular
financial report to the board of directors, designating the bond, coupon or other
evidence of indebtedness so that they can be identified, the date of cancellation and the
person from whom it was received, together with the amount paid therefor.
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