48-3254. Abrogation of agreement and discharge
of committee when bond obligations discharged; discharge of
individual from tax liability by payment of proportionate
liability
A. When all bond obligations of the district accrued or to accrue during the
operation of the bondholders' agreement, and the expenses incident thereto, have been
discharged in full, and upon the certificate of the state treasurer to that effect filed
with the state certification board, the bondholders' agreement and the committee shall be
abrogated and discharged, and all rights and powers of the district restricted or
suspended by the bondholders' agreement shall be restored.
B. When an agreement has been entered into and executed by and between the
bondholders' committee and the board of directors as provided by this article, or when
any agreement is made by the board of directors and any group of bondholders acting
individually or by a bondholders' committee, whether or not organized under the
provisions of this article, whereby fifty-one per cent or more of such bondholders agree
to accept in satisfaction of district bonds a stipulated price per acre, then any
landowner may, if provided for in the agreement, discharge his land from the tax
liability for the payment of bond interest and bond principal by paying his proportion of
the bond tax liens. Upon making payment of such proportionate liability there shall be
issued to him by the bondholders' representative or a person designated in the agreement
between the board of directors and the bondholders, a satisfaction of the bond liability,
and the lands shall no longer be liable for the payment of bond principal or bond
interest and shall be excluded from district assessments for such purposes. To the
extent that the bond principal or bond interest is reduced by such individual payments,
the annual tax levy of the district shall be correspondingly reduced and the board of
directors shall levy a district tax only for the unsatisfied portion of bond principal
and bond interest.
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