Section 43-2103 – REHABILITATING OR REFINANCING PLANS.
43-2103. REHABILITATING OR REFINANCING PLANS. The board of directors shall thereupon formulate a plan for rehabilitating the financial condition of the district and for refinancing or retiring the indebtedness of the district, which plan may include: (a) The scaling down of any one or more of the various kinds or classes of indebtedness outstanding, whether […]
Section 43-2104 – APPROVAL OF REHABILITATION PLAN BY CREDITORS.
43-2104. APPROVAL OF REHABILITATION PLAN BY CREDITORS. The plan so approved by the board of directors shall thereupon be submitted to the known creditors of the district directly affected thereby, in such manner as to the board may seem appropriate and practical under the circumstances. The approval of such plan by creditors shall be in […]
Section 43-2105 – MAJORITY OF CREDITORS CONSENTING — NONCONSENTING CREDITORS — CONSTRUCTIVE CONSENT PROCEEDINGS.
43-2105. MAJORITY OF CREDITORS CONSENTING — NONCONSENTING CREDITORS — CONSTRUCTIVE CONSENT PROCEEDINGS. If the written consent of all creditors directly affected by the proposed plan is not obtained within the time specified in the plan for the approval thereof by the creditors, but if a majority in amount of each class of creditors has approved […]
Section 43-2106 – NATURE OF PROCEEDINGS.
43-2106. NATURE OF PROCEEDINGS. Said proceeding shall be in the nature of a proceeding in rem in which the district shall be plaintiff, and all holders of bonds, coupons and warrants, and other creditors of the district, without naming them, shall be defendants, except holders of securities and creditors not directly affected by said plan […]
Section 43-2107 – PUBLICATION OF NOTICE — CONTENTS.
43-2107. PUBLICATION OF NOTICE — CONTENTS. The petition may be presented to the district court or the judge thereof, at chambers, and if it satisfactorily appears from said petition that the proceedings had and taken by the district have been substantially in accordance with the requirements of this act, the court or judge shall direct […]
Section 43-2108 – PROOF OF PUBLICATION — DEFAULT OF NONDISSENTING CREDITORS — NOTICE OF HEARING TO DISSENTING CREDITORS.
43-2108. PROOF OF PUBLICATION — DEFAULT OF NONDISSENTING CREDITORS — NOTICE OF HEARING TO DISSENTING CREDITORS. Proof of publication of said notices by affidavit of the publishers shall be filed with the clerk, and upon the expiration of ninety (90) days from the date of the first publication of said notice the default of all […]
Section 43-2109 – HEARING — PROCEDURE — CREDITORS — PROOF OF OWNERSHIP OF BONDS.
43-2109. HEARING — PROCEDURE — CREDITORS — PROOF OF OWNERSHIP OF BONDS. At the hearing of the cause the court shall examine and consider all proceedings had and taken by the district, the financial condition of the district as shown by the report of the certified public accountant, and the proposed plan of settlement, and […]
Section 43-2110 – APPROVAL OF PLAN BY COURT — RIGHTS OF DISSENTING CREDITORS.
43-2110. APPROVAL OF PLAN BY COURT — RIGHTS OF DISSENTING CREDITORS. If, in the opinion of the court, the proceedings had and taken by the district are substantially in accordance with the provisions of this act, and the proposed plan of settlement is just and fair to the district and the creditors thereof, the court […]
Section 43-2111 – HARMLESS ERROR — APPEALS.
43-2111. HARMLESS ERROR — APPEALS. The court in all proceedings under this act shall disregard any error, irregularity or omission which does not substantially affect the rights of the parties. The district, and all parties filing objections to or who dissent from such plan, may appeal to the Supreme Court from any adverse decision within […]
Section 43-2003 – INVESTIGATION OF APPLICATION — ORDER FOR RELEASE.
43-2003. INVESTIGATION OF APPLICATION — ORDER FOR RELEASE. The director of the department of finance shall make such investigation of the application as he shall deem necessary and shall submit the same, together with his recommendations to the state board of land commissioners. If, in the opinion of the state board of land commissioners, the […]