Mississippi § 51-29-163 - Hearing on reforestation petition.

§ 51-29-163. Hearing on reforestation petition.

At said hearing, if said owner or owners shall have then paid over to the chancery clerk the amount set out in said petition and if all of the holders of not less than 95% in amount of the outstanding original indebtedness of the district and all of the holders of outstanding refunding bonds of said district shall have signified in writing, filed with the clerk of said court, their consent to receive the sum so paid as a credit on the said outstanding indebtedness held by them, the chancellor shall determine whether said amount is the true amount of the assessment of benefits of said district against said tract or tracts then remaining unpaid, whether or not the release of said tract or tracts as prayed for will interfere with the continued functioning of the improvements of said district, and whether or not the proposal of sale as set out in said petition is submitted in good faith and accepted as aforesaid. In event it is found that the sum tendered was the true amount of the assessments of benefits of said district against said tract or tracts remaining unpaid, that a release of said tract or tracts will not interfere with the continued functioning of the improvements made by said district, and that the proposal of sale as set out in said petition was submitted in good faith and accepted as aforesaid, the chancellor shall order an acquittance of said tract or tracts from liability for all the outstanding indebtedness of said district and release said tract or tracts from the boundaries of said district, on condition that the sale so proposed and accepted be consummated and a deed to said tract or tracts be delivered to the United States government, to any agency or instrumentality thereof, or to any corporation organized under an Act of the Congress of the United States for the purpose of engaging in reforestation activities. The effect of such order shall be to render said tract or tracts of land, on delivery of said deed, as fully free of any obligation, lien, or incumbrance arising from its inclusion in said district as if said tract or tracts had never been within said district.