Whenever the whole or any portion of any issue of bonds of any district remains unissued for more than one year after the date of the election at which the bonds were authorized, the board, by a resolution adopted by a two-thirds vote of the membership of the board, may cancel all or any of those bonds and all coupons appurtenant to them.
General Bond ProvisionsBond Cancellation
Section § 25350
This law allows the board of a district to cancel bonds that were authorized but not issued within a year after they were approved in an election. To do this, they need a resolution supported by a two-thirds majority of the board members.
bonds cancellation unissued bonds board resolution
Section § 25351
This law says that if there is a proposal to cancel bonds, the decision must be delayed until after the resolution has been fully published. The board will choose a future date to consider it.
Whenever a resolution to cancel bonds is offered, its consideration shall be postponed to a date fixed by the board which is subsequent to final publication of the resolution.
cancel bonds resolution to cancel bonds postponement
Section § 25352
This section requires that a resolution and a notice about when the board will discuss it must be published in a local newspaper once a week for at least two weeks in a row.
The resolution together with a notice stating the time fixed by the board for the consideration of the resolution shall be published once a week for at least two successive weeks in a newspaper published in the office county.
resolution publication board consideration notice newspaper announcement
Section § 25353
Once a decision has been made to cancel bonds, no further bonds can be issued relating to the same process that led to those canceled bonds.
After the adoption of a resolution to cancel bonds no other bonds shall be issued in pursuance of the proceedings taken in relation to the issuance of the bonds so canceled.
bond cancellation resolution to cancel bonds issuance of bonds
