The holder of any matured and unpaid street improvement bonds or warrants, or district sanitary sewer, or storm sewer, or sidewalk warrants, issued by any municipal corporation of this state, whether such bond or warrant be unpaid in part or in whole, together with the owner of any property which is or shall be charged with a lien for the payment of any such matured and unpaid bond or warrant, in whole or in part, by virtue of the act or acts under which such bond or warrant may have been issued, and together with the mayor and city council of the issuing municipality are hereby authorized to enter into a compromise and settlement of the amount due thereon and charged against any such property.
Laws 1937, p. 157, § 1.