An agreement or plan may not be carried out pursuant to this article until a proposal therefor is approved by the voters, and a plan may not be carried out until it is either:
(a) Agreed to in writing by all of the holders of bonds and warrants affected.
(b) Confirmed in accordance with federal bankruptcy law.
(Amended by Stats. 2002, Ch. 94, Sec. 7. Effective January 1, 2003.)
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