2005 California Education Code Sections 15200-15205 Article 6. Cancellation of Unsold Bonds

15200.  If any bonds authorized under the provisions of Sections
15100 and 15102, and Sections 15107 to 15140, inclusive, and Sections
15142 to 15261, inclusive, 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 district, 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.
15201.  Upon receiving the petition, signed by a majority of the
members of the governing board, the board of supervisors shall fix a
time for hearing it, which shall not be more than 30 days after
receipt of the petition, and shall cause a notice stating the time
and place of the hearing, and the object of the petition in general
terms, to be published for 10 days prior to the hearing, in a
newspaper published in the school district or community college
district, if there is one, and if there is no newspaper published in
the school district, in a newspaper published at the county seat of
the county.
15202.  At the time and place designated in the notice, or at any
subsequent time to which the hearing may be postponed, the board of
supervisors shall hear any reasons that may be submitted for or
against the granting of the petition.
15203.  If the board of supervisors deem it for the best interests
of the school district or community college 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.
15204.  The governing board of any school district or community
college district 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 15201 and 15202 shall be applicable and at or following,
the hearing provided in Section 15201 and 15202, 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.
15205.  For any bonds authorized at a school district election on
November 5, 1991, and thereafter cancelled pursuant to this article
without having been issued, the board of supervisors may order the
cancellation annulled upon a finding that the issuance of the bonds
is in the best interest of the district.  Upon such order the
district shall have the authority to issue the bonds pursuant to all
of the terms and limitations of the original authorization, including
the purposes for which such bonds may be issued, the maximum
interest rate, and the maximum term to maturity, provided that the
aggregate amount of bonds issued pursuant to such authorization does
not exceed the amount originally authorized by the voters.