It shall be the duty of the state treasurer, county treasurer, or other tax collecting officer to accept the bonds and coupons and other obligations of any municipality or special assessment district in full or partial payment of taxes and special assessments, as the case may be, including penalties, interest, and other charges, when the governing body of any municipality or special assessment district has authorized the acceptance, in accordance with the provisions of this act. The turning over to the municipality or special assessment district of any such bonds and coupons and other obligations shall be considered a full accounting for the collection of the tax or special assessment so paid. The municipality or special assessment district shall cancel the bonds and coupons and other obligations and mark them “paid in full”.