Such compromise settlement shall be in writing and shall prescribe the bond or bonds, or warrant or warrants involved, the date of issuance and maturity thereof; and the ordinance under which the same were issued; it shall also describe the property sought to be discharged and shall specify the total consideration for such settlement and the proportions of the same which the bondholder or warrant holder and the municipality shall each receive. It shall be executed by such bondholder or warrant holder, the property owner and the mayor of such municipality and shall be approved by resolution of the city council of such municipality.
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