TITLE 43

IRRIGATION DISTRICTS

CHAPTER 21

DEBT READJUSTMENT PLANS FOR IRRIGATION DISTRICTS, DRAINAGE DISTRICTS, AND HIGHWAY DISTRICTS

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 said district to publish a notice for at least four (4) consecutive weeks in three (3) newspapers published within the state of Idaho and by the court deemed most likely to give notice to the creditors of said district, one (1) of which shall be published in the county in which the office of the board of directors is situated, if there be a newspaper published in such county. The notice shall be directed to the holders (without naming them) of the bonds, coupons and warrants and other creditors (without naming them) of the district directly affected by such plan, and it shall set forth in substance:

(a)  A description, sufficient for identification, of the bonds, coupons, warrants and other claims that it is proposed to scale down or to pay or refund or otherwise settle or adjust pursuant to such plan.

(b)  The substance of the plan of settlement and when and how it is proposed to make payment to the various classes of creditors embraced in such plan.

(c)  A statement showing the approximate amount of each class of indebtedness sought to be readjusted or settled that has by the holders thereof assented to and approved such plan of settlement.

(d)  And it shall notify all holders of the bonds and warrants and other creditors of the district that will be directly affected by such plan, that have not theretofore filed their written approval of said plan with the secretary of the board, to file in said cause, within ninety (90) days from the first publication of said notice, their written dissent from or objection to said proposed plan of settlement, and that the dissent or objection so filed must be verified under oath, and describe the securities sufficiently for identification held by the creditor filing such objection, and give the address at which he may be reached by mail.

The notice shall further state that if such dissent or objection be not filed with the clerk of said court within ninety (90) days from the date of the first publication of said notice, the owners and holders of such bonds, coupons and warrants, or other creditors of the district, who have failed to file such dissent or objection, will be deemed, adjudged and decreed to have assented to said plan of settlement. The notice so published shall be deemed and held to be notice to all creditors of the proceedings taken by the district and the court under this act.

History:

[43-2107, added 1933, ch. 174, sec. 7, p. 316.]