48-3245. Publication of bondholders'
agreement; filing of dissents to agreement
A. Upon presentation of the petition to the judge of the superior court, either in
open court or in chambers, the judge shall direct the district to publish, and the
district shall cause to be published, as nearly concurrently as practicable, for at least
four consecutive weeks in a newspaper of general circulation published in the county in
which the office of the district is located and in one financial journal of national
circulation published in the city of New York, designated by the court, a notice
describing in substance the terms of the bondholders' agreement under which the
outstanding bonds of the district are to be surrendered, refunded, satisfied,
compromised, exchanged or discharged. A certified copy of the notice and petition shall
forthwith be served upon the state certification board and on the state treasurer.
B. The notice shall contain a general description of the bonds to be refunded or
retired and the amount thereof, and a general description of the refunding bonds, if any,
to be issued under the terms of the bondholders' agreement, and shall require all holders
of outstanding bonds to be retired or refunded to file in such superior court their
written dissent from or objection to the proposed plan of settlement described in the
notice. If the dissent in writing is not filed within ninety days after the first
publication of notice in the financial journal, the owners and holders of outstanding
bonds failing to file a dissent or objection shall be deemed to have consented to the
terms and provisions of the bondholders' agreement and the provisions of this article.
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