46-186. Discontinuance of district; result of election; resubmission; sale of property; appointment of appraisers; notice of sale.

If a majority of the votes shall be For discontinuance ...... No, there shall not be another election upon the question of a discontinuance of the district during the year in which such election was held. If a majority of the votes are For discontinuance ...... Yes, then the board shall immediately notify all persons having claims against the district of the result of such election, and may proceed to adjust, settle and compromise any and all such claims, in whatever form the indebtedness of such district may be. For the purpose of raising money to pay any and all indebtedness of the district, such board may sell and dispose of the canal franchises and other property belonging to the district at not less than a valuation to be fixed by a board of three appraisers, one member of which shall be appointed by the board of directors of such district, and one shall be appointed by the county board of the county in which the district was originally organized, which two appraisers shall elect a third. The board of appraisers shall be sworn by the county clerk of the county, to appraise the canal franchises and other property of the district at their cash value; and as soon thereafter as practicable, the appraisers shall make an appraisement, and report in writing their appraisement of all the property owned by the district to the board of directors. The board shall advertise the property for sale at least four weeks in such a manner as in the judgment of the board shall be to the best interest of the district; and shall state in such advertisement a description of the property, and the time and place when bids in writing for the same shall be opened and considered, and bids orally received and considered.

Source