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Legal Resources | Education Code |  EC  15383  

School Facilities Improvement District; Cancellation of Unsold Bonds   

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If the board of supervisors deem it for the best interests of the school facilities improvement district named in the petition that the unsold bonds be canceled, it shall make and enter an order in the minutes of its proceedings that the unsold bonds be canceled. Upon the entry of the order the bonds and the vote by which they were authorized to be issued shall cease to be of any validity.

(Added by Stats. 1996, Ch. 277, Sec. 2.)