2010 California Code
Public Utilities Code
Article 4. Cancellation Of Unsold Bonds

22811.  If any bonds remain unsold for six months after having been
offered for sale, the board of directors of the district for which
the bonds were issued or of a district containing any territory which
at the time of the bond election was embraced within the district
for which the bonds were issued, may petition the board of
supervisors to cause the unsold bonds to be withdrawn from the market
and canceled.



22812.  Upon receiving a petition signed by a majority of the
members of the board of directors, the board of supervisors shall fix
a time for hearing the petition. The hearing shall be held not more
than 30 days after receipt of the petition.




22813.  The board of supervisors shall publish a notice stating the
time and place of the hearing and the object of the petition in
general terms, pursuant to Section 6062 of the Government Code in a
newspaper published in the district or, if there is no such
newspaper, in a newspaper published at the county seat of an affected
county.



22814.  At the time and place designated in the notice, or at any
subsequent time to which the hearing is postponed, the board of
supervisors shall hear any reason that may be submitted for or
against the granting of the petition. If the board of supervisors
deems it for the best interest of the district named in the petition
that the unsold bonds be canceled, it shall make and enter an order
in its minutes that the unsold bonds are canceled. Thereafter the
bonds and the vote by which they were authorized to be issued have no
validity whatever.