This law allows a city government to destroy certain municipal bonds if they haven't been sold to anyone. The bonds must have been approved for city projects, executed but unsold, and if the city's governing body now thinks selling them is no longer a good idea, they can destroy them.

This law requires that before a legislative body in a city can destroy bonds, it must announce its plan publicly for four weeks straight in the city's official newspaper. If there isn't an official newspaper, they must choose another local newspaper to publish this notice.

This section outlines what information must be included in a notice regarding the destruction of bonds. The notice should provide details about the time and place where the bonds will be destroyed, the reasons for destroying them, and a general description of the bonds, including their character and amount.

This law requires that bonds be publicly destroyed at the time and place specified, unless there's a written objection signed by a majority of city voters at least three days in advance. The objections must be filed with the city clerk based on the voter turnout at the last municipal election.

If a city wants to issue bonds to replace ones that were destroyed, they first need to get approval from the voters.