In case within the time therefor set by the board of directors the amount of judgments proposed to be discharged and the amount of notes, warrants and bonds proposed to be surrendered shall not be offered for discharge or surrender, the board of directors may nevertheless accept the discharge of judgments and the surrender of the notes, warrants and bonds which may be offered, and may issue a proportionately less amount of the new bonds, selecting in their discretion which of the new bonds shall in that case be issued, so that the bonds issued will mature in such years as will best suit the needs of the district.
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