48-3243. Bondholders' agreement; failure to
agree within one year
A. Immediately upon selection the committee shall proceed to formulate a plan to be
known as "bondholders' agreement" in respect to the district affected and the continuance
of its business and affairs in such manner as to restore its solvency at the earliest
practicable date, and shall consider matters affecting its feasibility, including the
character of the soil, the water supply, the topography, the productive value of the
lands, in units of forty acres each, and the economic costs of and the receipts from
agricultural operations, and may survey, or cause to be surveyed, any one or more of
these factors.
B. When a plan is agreed upon, it shall be reported to the meeting, which may be
adjourned from time to time until the report is received. The report of the committee
may be amended by the meeting, and shall be adopted or rejected, separately, by the
majority vote of the full board of directors and majority-in-value vote of the bonds
represented. In case of disagreement, the negotiations for another basis of agreement
may be continued, and the meeting may be adjourned from time to time for a period not to
exceed one year from the convening of the meeting. If such meeting is unable to agree
upon the bondholders' agreement within such period the meeting shall stand adjourned sine
die, and the state treasurer shall return the bonds deposited with him to the respective
holders thereof.
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