§ 30908 Bond Election Cancellation Authority

• •If a city or town votes to sell bonds (like borrowing money for big projects), they have 3 years to sell them.
• •After 3 years, if some bonds are still unsold, the leaders can vote to cancel them.
• •They need a big vote—at least two-thirds of the leaders must agree to cancel the bonds.
• •Once they cancel the bonds, they can’t sell them anymore—it’s like the permission to sell them disappears.

A small town votes to sell bonds to build a new park. They sell some bonds right away, but after 3 years, there are still $500,000 worth of bonds left unsold.

The town leaders can vote to cancel the remaining $500,000 in bonds. If at least two-thirds of them agree, the unsold bonds can’t be sold anymore, and the town won’t borrow that money.