The board may make such provision with respect to the defeasance of the right, title
and interest of the holders of any of the bonds and obligations of the district in
any revenues, funds or other properties by which such bonds are secured as the board
deems appropriate and, without limitation on the foregoing, may provide that when
such bonds or obligations become due and payable or shall have been called for redemption,
and the whole amount of the principal and interest and premium, if any, due and payable
upon the bonds or obligations then outstanding shall be paid, or sufficient monies
or direct obligations of the United States government the principal of and the interest
on which when due will provide sufficient monies, shall be held or deposited in trust
for such purpose, and provision shall also be made for paying all other sums payable
in connection with such bonds or other obligations, then and in such event the right,
title and interest of the holders of the bonds in any revenues, funds or other properties
by which such bonds are secured shall thereupon cease, determine and become void,
and the board may apply any surplus in any sinking fund established in connection
with such bonds or obligations and all balances remaining in all other funds or accounts
other than money held for the redemption or payment of the bonds or other obligations
to any lawful purpose of the district as the board shall determine.
(Sp. Acts, Ch. 70-617, § 26)
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