The right of any bondholder, who has filed with the municipal clerk an "Agreement to Accept Street Improvement Refunding Bonds" but who has not been issued street improvement refunding bonds, to enforce the lien of any street improvement bond or street improvement refunding bond by foreclosure, mandamus, tax sale and resale, refunding, or otherwise, shall be barred upon the expiration of three (3) years after the date of the filing of his "Agreement to Accept Street Improvement Refunding Bonds". The running of the three-year period of limitation shall be an absolute bar to any action or proceeding brought thereafter, whether the same be plead as a defense or not, and the property against which the bonds represented a lien shall thereafter be absolved of any lien or liability on account of the bonds or "Agreement to Accept Street Improvement Refunding Bonds". A certificate issued by the municipal clerk certifying that no holder of any such bonds has either

1. filed his "Agreement to Accept Street Improvement Refunding Bonds";

2. commenced foreclosure, mandamus, refunding or otherwise, within the three-year period as prescribed herein; or

3. commenced foreclosure within the three-year period prescribed in Section 36-310 of this title,

shall operate to remove any cloud upon the title of any property created by the street improvement bond, the street improvement refunding bond, or "Agreement to Accept Street Improvement Refunding Bonds", and the liens represented thereby. Nothing contained in this section shall be construed to give a remedy where no remedy of any type or nature previously existed in any bondholder or owner, or to revive a lien or right where no remedy previously existed.

Laws 1977, c. 256, § 36-312, eff. July 1, 1978.