Whenever the outstanding bonds in any series issued for the payment of road or street improvements in any district have been registered in accordance with the provisions of Section 1259 of this title, all of the registered owners of all of such bonds may file their consent in writing with the county clerk in which such district is located, that bonds of such series may be used in payment of special assessments in accordance with the provisions of this act;¹ and such written consent shall be binding upon any transferee or assignee of any of such bonds, and upon all of the registered owners signing the same, as to all payments made in pursuance hereof, until written notice be filed with the clerk by any such registered owner, or registered transferee or assignee, of any such bond, terminating his consent thereto. After such written consent is filed, as aforesaid, and until written notice of termination is given as herein provided, the owner of any property in any such road improvement district may, with the written consent of the registered owner, or owners thereof, present to the county clerk of such county, the bond bearing the lowest serial number of the bonds outstanding in such series, or if the same be insufficient, then he may present the next serially numbered bond, or bonds, as the case may require, in payment of the special assessment, or of any installment thereof, upon said owner's property in such road improvement district, whether delinquent or unmatured, with all interest and penalty thereon. The clerk of said county shall endorse upon said bond, or bonds, the amount of the installment, or installments, and interest and penalty thereon, for which the registered owner, or owners, consent that said bond may be tendered as payment, and thereupon the clerk shall issue a receipt to the owner of such property to the extent of such installment, together with interest and penalty, for which credit has been endorsed, as aforesaid, upon said bond or bonds. Whenever the credits upon any such bond so endorsed equals the principal amount of such bond, together with all matured interest, said bond, together with all interest, whether due or to become due, shall be canceled by such clerk.