Hearing on petition
- • judgment
- • trustee
(1) After the expiration of 90 days from the date of the first publication of the notice, the district shall file in the proceeding in the circuit court its verified return of its acts made under the order of the court, attaching affidavits of the publication of the notice in three newspapers. Thereupon the court shall promptly hear the cause and shall enter a judgment providing that all the owners and holders of the evidences of indebtedness to be retired or refunded by the plan of the district, who have not within 90 days after the date of the first publication of the notice filed in the court their written dissent and objections to the proceedings, have consented to having their evidences of indebtedness retired or refunded under the proposed plan.
(2) In the judgment the court shall direct the officers of the district to deposit with the county treasurer of the county in which the district is headquartered, as trustee for the persons entitled thereto, the pro rata part of the cash or refunding bonds, or both, which, under the settlement, belongs to the holders of the evidences of indebtedness whose consent was obtained by the court proceedings. The judgment shall provide that upon payment to the county treasurer as trustee, the evidences of indebtedness shall be considered paid and shall no longer be an obligation of the district. The judgment shall further provide that upon the surrender to the county treasurer of the bonds, together with the unpaid interest coupons belonging to the bonds, the county treasurer shall pay on demand to the holders their pro rata part of the moneys or bonds deposited with the county treasurer as trustee, shall mark the bonds canceled and shall deliver them to the irrigation district.
(3) All holders of evidences of indebtedness to be retired or refunded shall be considered to have notice of all steps and proceedings taken under this section, ORS 545.629 (Declaration of intent to dispose of bonds), 545.631 (Consent of creditors to refunding of indebtedness), 545.633 (Obtaining constructive consent of unknown or dissenting creditors) and 545.635 (Notice of court proceeding to obtain constructive consent). [Formerly 545.286; 2003 c.576 §501]
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