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Legal Resources | Education Code |  EC  15380  

School Facilities Improvement District; Cancellation of Unsold Bonds   

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If any bonds authorized under this chapter have not been offered for sale for one year from the date of the election at which they were authorized or remain unsold for a period of six months after having been offered for sale in the manner prescribed by the board of supervisors, the governing board of the school district or community college district in which the school facilities improvement district is located and for which the bonds were authorized, may petition the board of supervisors that has jurisdiction of the issuance and sale of the bonds to cause the unsold bonds to be canceled.

(Added by Stats. 1997, Ch. 893, Sec. 52.)