Arizona § 48-3247 - Hearing; judgment

§ 48-3247. Hearing; judgment

A. After the expiration of ninety days from the date of the first publication of the notice in such financial journal the board of directors shall file in the superior court a verified return of its acts under the order of the court theretofore made, attaching thereto affidavits of the publishers of the newspaper and the financial journal of the publication of notice.

B. Thereupon the court, or the judge thereof in chambers, shall forthwith hear the matter and shall enter a judgment adjudging that all the owners and holders of the outstanding bonds to be retired or refunded under the terms of the bondholders' agreement who have not within ninety days after the date of the first publication of notice in the financial journal filed their written dissent and objection to the terms of the bondholders' agreement have consented that their bonds may be retired or refunded under the terms of the bondholders' agreement. In the judgment the court shall direct the officers of the district to deposit with the state treasurer, as trustee for the persons entitled thereto, the pro rata part of the cash or refunding bonds, or both, which under the terms of the bondholders' agreement belongs to the owners of such bonds whose consent was obtained under the provisions of section 48-3246. The judgment shall further provide that upon payment of the money or delivery of refunding bonds, or both, provided for in the bondholders' agreement to the state treasurer as trustee, the bonds held by such holders shall be deemed paid, and shall no longer be an obligation of the district, and that upon the surrender to the state treasurer of the outstanding bonds, together with unpaid interest coupons attached thereto, the state treasurer shall pay or deliver upon demand to the holders their pro rata part of the monies or refunding bonds, or both, deposited with him as such trustee, and shall mark the bonds cancelled and deliver them to the irrigation district.

C. All holders of outstanding bonds to be retired or refunded shall be deemed to have notice of all proceedings had relating thereto as provided by this article.