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Legal Resources | Government Code |  GC  53606  

Financial Affairs; Investment of Surplus   

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The bonds purchased, which were issued by the purchaser, may be canceled either in satisfaction of sinking fund obligations or otherwise. When canceled, they are no longer outstanding, unless in its discretion, the legislative body holds them uncanceled. While held uncanceled, the bonds may be resold.

(Added by Stats. 1949, Ch. 81, Sec. 1.)