48-3226. Payment of matured refunding bonds or
coupons; cancellation of redeemed bonds
A. When any refunding bonds mature the district treasurer shall give notice for
four weeks in a newspaper published in the county in which the district is located of the
intention to redeem such bonds, stating the amount thereof. The redemption shall
thereupon be made and all such bonds shall cease to draw interest at the expiration of
four weeks after the date of notice. If the bonds called for redemption are not
presented within three months from the date of notice, the treasurer shall apply the
money to the redemption of bonds next in the order of the number of their issue.
B. The interest coupons when due and payable shall be delivered to the treasurer
who shall pay the interest and write the word "cancelled" across the face thereof, which
shall be the treasurer's receipt for their payment. When any bonds are redeemed the
treasurer shall in like manner mark them "cancelled" on the face thereof, over his
signature, and deliver them to the secretary of the district, taking his receipt
therefor, and the secretary shall file them in his office and report that they have been
filed to the directors.
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