When any such compromise settlement shall have been duly executed by the parties and approved by the city council of such municipality, the same shall be presented to the district court of the county wherein the property sought to be discharged is situated upon the petition of the parties, which petition shall recite the facts and circumstances of the proposed compromise settlement and pray the confirmation of the same by said court and an order discharging the property from the lien securing the payment of such matured and unpaid street improvement bond, or warrant, or district sanitary sewer, or storm sewer, or sidewalk warrant. At any time after the filing of such petition the parties may present the same to said court and the court upon presentation shall examine the same and if the court shall find that said proposed compromise settlement is a fair adjustment of the rights and interests of the parties and the consideration for the same adequate and properly proportioned, an order shall be entered confirming said compromise settlement and discharging and releasing the property involved of and from any charge or lien of any special tax assessed for the purpose of paying such matured and unpaid bond or warrant; and, said court shall, at the time of entering of said order, cause to be endorsed upon such bond or bonds, or warrant or warrants, a statement showing the discharge and release of such property.
Laws 1937, p. 157, § 3.
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