SECTIONS 18550-18553 - California Statutes

EDUCATION CODE

SECTION 18550-18553

18550. Whenever any bonds issued under the provisions of this
chapter remain unsold for the period of six months after having been
offered for sale in the manner prescribed by the board of
supervisors, the board of trustees of the library district for or on
account of which the bonds were issued, or of any library district
composed wholly or partly of territory which, at the time of holding
the election authorizing the issuance of the bonds, was embraced
within the district for or on account of which the bonds were issued,
may petition the board of supervisors to cause the unsold bonds to
be withdrawn from market and canceled.

18551. Upon receiving the petition, signed by a majority of the
members of the board of trustees, the supervisors shall fix a time
for hearing the petition, which shall not be more than 30 days
thereafter, and shall cause a notice, stating the time and place of
hearing, and the object of the petition in general terms, to be
published for 10 days prior to the day of hearing in a newspaper
published in the library district, if there is one, and if there is
no newspaper published in the library district, then in a newspaper
published at the county seat of the county in which the library
district or part thereof is situated.

18552. At the time and place designated in the notice for hearing
the petition, or at any subsequent time to which the hearing may be
postponed, the supervisors shall hear any reasons that may be
submitted for or against the granting of the petition, and if they
deem it for the best interests of the library district named in the
petition that the unsold bonds be canceled, they shall make and enter
an order in the minutes of their proceedings that the unsold bonds
be canceled.

18553. Thereupon the bonds and the vote by which they were
authorized to be issued, shall cease to be of any validity whatever.