At any time after two years subsequent to the date of any election authorizing the issuance of bonds for county purposes, the board of supervisors may determine that the sale of any bonds remaining unsold is inexpedient and order their destruction, pursuant to this article.
BondsDestruction of Unsold Bonds
Section § 29940
Two years after voters approve a bond measure for county projects, the county's board of supervisors can decide not to sell any remaining unsold bonds. If they believe it's not practical to sell them, they can order those unsold bonds to be destroyed.
bond issuance unsold bonds county bonds
Section § 29941
This law requires that the board publicly announce its plan to destroy bonds by placing a notice in a local newspaper that people in the area commonly read. The announcement should include when and where the bonds will be destroyed, why they are being destroyed, and a general description of the bonds, including the amount. The destruction must happen at least a week after the notice is fully published.
The board shall give notice of its intention to destroy the bonds by a notice published for one week in a newspaper of general circulation published and circulated in the county. The notice shall contain the time and place of the intended destruction, and the reason, and a general description of the character and amounts of the bonds. The time specified for the destruction of the bonds shall be at least one week after the date of completion of such publication.
bond destruction notice newspaper publication intention to destroy bonds
Section § 29942
This law states that the board must destroy the bonds publicly at the scheduled time and location, following the terms outlined in the notice.
At the time and place specified and in accordance with the terms of the notice, the board shall publicly destroy the bonds.
board public destruction bonds
Section § 29943
This law states that if bonds are destroyed, new bonds cannot be issued to replace them unless the people vote to approve issuing new ones.
No other issue of bonds in place of those destroyed shall be made unless again authorized by a vote of the people.
bonds destroyed bonds replacement bonds
