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Legal Resources | Education Code |  EC  15391  

School Facilities Improvement District; Cancellation of Unsold Bonds   

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When any bonds issued by a school facilities improvement district have been purchased by the governing board of the school district or community college district in which the school facilities improvement district is located, the bonds shall be deemed canceled and of no further validity. The governing board of the school district or community college district in which the school facilities improvement district is located shall immediately, after purchasing the bonds, notify the board of supervisors of its action, describing the bonds purchased. At its first meeting thereafter, the board of supervisors shall note the purchase and cancellation of the bonds in the minutes of its proceedings.

(Added by Stats. 1997, Ch. 893, Sec. 60.)