(1) Upon presentation of the petition to the judge of the circuit court, the judge shall authorize the district to publish, and the district shall cause to be published a notice describing the substance of the terms of settlement under which the evidences of indebtedness of the district are to be surrendered, refunded, satisfied, compromised, exchanged or discharged under the provisions of ORS 545.565 (Refunding bonds) to 545.621 (Exchange of refunding bonds for outstanding indebtedness). The notice shall be printed for at least four consecutive weeks in three newspapers published in Oregon that are designated by the court. One of the newspapers must be published in the county in which the office of the board of directors is located if such a newspaper exists.
(2) The notice shall contain a general description of the evidences of indebtedness to be refunded and retired, the amount of indebtedness to be refunded and retired, and a general description of the refunding bonds to be issued. The notice shall require all holders of the evidences of indebtedness to file in the proceeding their written dissent from, or objection to, the proposed plan of settlement. The notice shall also state that if such dissent in writing is not filed in the court within 90 days from the date of the first publication of the notice, the holders failing to file dissent or objection shall be considered to have consented to the refunding, compromise or settlement of the indebtedness under the terms and conditions set forth in the notice.
(3) After 90 days from the date of the first publication of the notice, the holders failing to file their objections and protests with the court shall be considered to have consented to the refunding, compromise or settlement of the indebtedness under the terms set forth in the notice. The failure to file shall be considered the equivalent of the offer in writing signed by known consenting holders. [Formerly 545.284]