Conveyance of pumping plants, etc., to bondholders upon surrender of bonds ACTIVE

The governing authority of the drainage district or subdrainage district which has adopted a resolution of dissolution, may enter into a contract with the holders of the outstanding bonds of the drainage district or subdrainage district, with the consent and approval of the landowners owning ninety-five percent of the lands therein, whether the landowners are bondholders or not, whereby the drainage district or subdrainage district will convey to the holder or holders of the bonds the pumping plants, canals, ditches, rights-of-way, and other property owned by the drainage district or subdrainage district upon surrender, cancellation, and retirement of the outstanding bonds and vest in the holder of the bonds title to the pumping plants, canals, ditches, rights-of-way and other property.