The board of trustees or the administrator shall have the power to negotiate a scaling, a discounting, a reduction in interest rate, or any other compromise of any or all of the bonds, warrants, or other indebtedness of the community improvement district with the owners or holders of such indebtedness. In order to carry out any compromise agreements made, the board of trustees or the administrator shall have the power to issue new bonds or warrants which may be delivered to the holders or owners of the indebtedness being compromised or may be sold on such terms as the board of trustees or administrator shall determine to provide cash to carry out the compromise settlement. Before any new bonds or warrants are issued, the terms of the compromise settlement shall be approved by the district court for the county in which the community improvement district or the greater portion of the community improvement district is situated. Such review by the district court shall be limited to the legality and validity of the new bonds or warrants to be issued, and the decree of the district court determining the issuance of the new bonds or warrants to be legal and valid shall be conclusive against the community improvement district and all other persons having or claiming any interest in the community improvement district. Notwithstanding any other provision of law, the treasurer of the community improvement district shall disburse funds of the community improvement district in accordance with the compromise settlement approved by the district court.