School Facilities Improvement District; Cancellation of Unsold Bonds
The governing board of a school district or community college district in which a school facilities improvement district is located may petition the board of supervisors to cancel the remaining authorization of that district to issue and sell bonds resulting from any particular school bond election after the sale of at least 90 percent of the bonds authorized at the election if the amount of the remaining authorization is not more than twenty-five thousand dollars ($25,000) and in the opinion of the governing board the sale of the remaining bonds would not be economically justified. Sections 15381 and 15382 shall be applicable and at or following the hearing therein provided for, the board of supervisors, if it determines that the public interest will be served thereby, may make and enter an order in the minutes of its proceedings that the remaining authorization be canceled. Upon the entry of the order, the vote by which the remaining authorization was created shall cease to be of any validity with respect to the remaining authorization.
(Added by Stats. 1997, Ch. 893, Sec. 56.)
Education Code 15381
Education Code 15382