§ 15221 District Bond Cancellation Process
This rule says that when a school district's board buys back its own bonds, those bonds are considered cancelled, and the board must tell the county supervisors right away so they can write it down in their meeting notes.
A school district decides to buy back the bonds it sold to raise money for a new playground.
After the district board purchases those bonds, it must immediately call the county board of supervisors and say, "We bought back these bonds," and then at the supervisors' next meeting they write down that the bonds were bought and cancelled.
AI-generated — May contain errors. Not legal advice. Always verify source.
§ 15221 District Bond Cancellation Process
Last verified: January 10, 2026