Upon the filing of such certified copy of such resolution, any taxing district shall have power to consummate the plan of readjustment including the following powers:
a. Cancellation and Remission. To cancel in whole or in part or remit or reduce, the moneys payable under any bonds, warrants or evidence of indebtedness or other obligations of or issued by, such taxing districts, sought to be refunded by such plan of readjustment.
b. Issuance of Refunding Bonds. To issue refunding bonds or any other evidence of indebtedness (all of which are hereinafter referred to by the term "refunding bonds"), to refund obligations specified in paragraph (5) of this subdivision, subject to the following:
(1)Nature of Refunding Bonds. Such obligations may be those of or issued by, such taxing district, a
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Upon the filing of such certified copy of such resolution, any taxing district shall have power to consummate the plan of readjustment including the following powers:
a. Cancellation and Remission. To cancel in whole or in part or remit or reduce, the moneys payable under any bonds, warrants or evidence of indebtedness or other obligations of or issued by, such taxing districts, sought to be refunded by such plan of readjustment.
b. Issuance of Refunding Bonds. To issue refunding bonds or any other evidence of indebtedness (all of which are hereinafter referred to by the term "refunding bonds"), to refund obligations specified in paragraph (5) of this subdivision, subject to the following:
(1) Nature of Refunding Bonds. Such obligations may be those of or issued by, such taxing district, as described in such plan of readjustment. Such refunding bonds shall have such denominations, rates of interest, and maturities, and shall be payable by taxes, special assessment taxes, or special assessments, assessed or levied in the manner provided in such plan of readjustment, except that no such refunding bonds shall exceed in amount, or bear a higher rate of interest than the total obligation sought to be refunded.
(2) Necessity of Elections. It shall not be necessary to hold any election to authorize the issuance of such refunding bonds unless required by existing law, in which event an election to authorize such issuance shall be held in the manner provided by law.
(3) Payment of Bonds. The refunding bonds shall be payable in the manner in which the bonds, warrants, evidence of indebtedness or other obligations sought to be refunded were payable.
(4) Requisites of Petition. It shall be sufficient for the purposes of this act that the petition shall set forth by reference or otherwise:
(a) The procedure to be followed, respectively, in the levy and collection of taxes, special assessment taxes, or special assessments for the payment of such refunding bonds.
(b) The character and effect of, and method of enforcing the liens sought to be created by the issuance of such refunding bonds.
(c) The rights of the holders of such refunding bonds upon the issuance thereof.
(5) Kinds of Bonds Authorized. The refunding bonds herein authorized shall include bonds to refund bonds secured by unpaid assessments heretofore levied upon real property in a district, and shall also include bonds to fund or refund or pay any obligation of such taxing district whether reduced to judgment or not and whether represented by any written instrument or not and whether arising by contract, statute or otherwise.
c. Adoption of Ordinances. To adopt such ordinances as are necessary to accomplish the purposes of this act or to provide due process of law with respect to any proceedings herein authorized. The officers of such taxing district, or the officers referred to in section 67-3902 hereof, are hereby constituted a legislative body of the taxing district for such purpose.
d. Taxes and Assessments. To assess, levy and collect taxes, special assessment taxes and special assessments and to enforce the collection thereof in the manner and with the effort provided in the plan of readjustment.
e. Notice and Hearing. In the event that the plan of readjustment contemplates the issuance of refunding bonds payable by special assessment taxes, or by special assessments or reassessments, which will constitute liens upon real property, the taxing district shall not have jurisdiction to adopt the resolution mentioned in section 67-3906 hereof unless, before the issue of the final decree or order confirming the plan of readjustment, it holds a hearing after notice thereof as herein provided. In such event before the signing of the order or decree of the Federal District Court approving the plan of readjustment, the taxing district shall cause to be given a notice, for a reasonable time and in a reasonable manner, of its intention to adopt the resolution mentioned in section 67-3906 hereof after the issue of the final decree or order and of the fact that by the plan of readjustment it is proposed to levy special assessments or reassessments or special assessment taxes upon real property in the amount and in the manner set forth in such plan of readjustment and of the time and place when and where all persons interested in any such assessments or reassessments or special assessment taxes will be heard by such taxing district.
f. Manner of Holding Hearing, Etc. The taxing district shall prescribe by ordinance or resolution the manner of holding such hearing and of giving notice thereof and the effect to be given to its determination at such hearing.
g. Reductions and Cancellations. To cancel or reduce the taxes or special assessment taxes heretofore levied or assessed by such taxing district or in its behalf upon any taxable or real property within such district, if such levy or assessment was for the purpose of paying the principal or interest on the bonds sought to be refunded by the plan of readjustment, in the manner and as set forth in such plan of readjustment, and the powers herein granted shall include cancellation or reduction of interest, penalties and costs that may be levied or assessed upon such property within such district by reason of any previous delinquency in the payment of such taxes or special assessments.
h. Enumeration Not Exclusive. The above enumeration of powers shall not be deemed to exclude powers not herein mentioned that may be necessary for or incidental to the accomplishment of the purposes hereof.