In the notice the legislative body shall invite the holders of the original bonds to submit to it one or more written proposals stating the terms upon which they will deliver their bonds for cancellation to the legislative body or to any official it designates in consideration for any one of the following:
(a) Delivery of new bonds against the district described in the resolution of intention.
(b) A cash sum to be specified in the proposal.
(c) The delivery and payment of any combination of such bonds and cash specified in the proposal.
(Added by Stats. 1951, Ch. 331.)
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