Whenever any bonds issued under the provisions of this chapter remain unsold for the period of six months after having been offered for sale in the manner prescribed by the board of supervisors, the board of trustees of the library district for or on account of which the bonds were issued, or of any library district composed wholly or partly of territory which, at the time of holding the election authorizing the issuance of the bonds, was embraced within the district for or on account of which the bonds were issued, may petition the board of supervisors to cause the unsold bonds to be withdrawn from market and canceled.
Article 14Cancellation of Bonds
Section § 18550
If any library district bonds are still unsold after six months, the library district's trustees can request the board of supervisors to remove and cancel these unsold bonds from the market.
library district bonds unsold bonds board of trustees board of supervisors bond cancellation petition withdraw from market election authorization issuing bonds bonds withdrawn library district territory bonds issued six months library finance trustees request
Section § 18551
This law section tells us that when a majority of the board of trustees signs a petition, the county supervisors have to schedule a hearing within 30 days. They must also ensure that a notice about the hearing is published for 10 days before the hearing. This notice needs to include when and where the hearing will be and what the petition is about. If there's a local newspaper in the library district, it should be published there. If not, it should be published in a newspaper at the county seat.
Upon receiving the petition, signed by a majority of the members of the board of trustees, the supervisors shall fix a time for hearing the petition, which shall not be more than 30 days thereafter, and shall cause a notice, stating the time and place of hearing, and the object of the petition in general terms, to be published for 10 days prior to the day of hearing in a newspaper published in the library district, if there is one, and if there is no newspaper published in the library district, then in a newspaper published at the county seat of the county in which the library district or part thereof is situated.
petition hearing supervisors board of trustees notice publication library district newspaper county seat publication hearing schedule majority petition trustees' petition hearing notice requirements
Section § 18552
This law says that if there is a hearing about a petition concerning unsold bonds in a library district, the decision-makers, known as the supervisors, will listen to both sides. If they believe that canceling these unsold bonds is the best choice for the district, they will officially record a decision to cancel them.
At the time and place designated in the notice for hearing the petition, or at any subsequent time to which the hearing may be postponed, the supervisors shall hear any reasons that may be submitted for or against the granting of the petition, and if they deem it for the best interests of the library district named in the petition that the unsold bonds be canceled, they shall make and enter an order in the minutes of their proceedings that the unsold bonds be canceled.
library district unsold bonds canceling bonds hearing petition supervisors best interests order cancellation official minutes proceedings bond cancellation hearing
Section § 18553
Once authorized bonds and the vote for their issuance are invalidated, they have no effect and cannot be used for any purpose.
Thereupon the bonds and the vote by which they were authorized to be issued, shall cease to be of any validity whatever.
bonds authorized bonds vote invalidation issuance validity effect of bonds bond issuance authorization legal status of bonds cease to be valid bond vote nullification bond effectiveness
