(2) In the judgment, the court shall direct that the pro rata part of the cash received that, under the contract, belongs to the owners or holders of the evidences of indebtedness whose consent was obtained by the court proceedings be deposited with the county treasurer of the county in which the office of the district is located. The county treasurer shall be trustee for the persons entitled to the moneys. The court shall direct the deposit to be made by the officers of the district, the landowners within the district or the protective committee acting for the consenting owners or holders, as the court may consider most expedient and practicable under the terms of the contract.
(3) The judgment shall also provide that, upon the payment of the money to the county treasurer as trustee, the evidences of indebtedness held by the owners or holders shall be considered paid and no longer shall be an obligation as provided in the contract. The judgment shall further provide that, upon surrender to the county treasurer of the bonds with the unpaid interest coupons or other evidences of indebtedness, the county treasurer shall pay on demand to the owners or holders their pro rata part of the moneys deposited with the county treasurer as trustee. When paid in accordance with the contract, the county treasurer shall mark the evidences of indebtedness canceled and deliver the evidences of indebtedness to the district.
(4) All owners or holders of the evidences of indebtedness to be liquidated shall be considered to have notice of all steps taken and proceedings under ORS 545.643 to 545.667. [Formerly 545.324; 2003 c.576 §503]
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