§ 9470 Bond Cancellation By Treasurer

Water Code·California

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Key Takeaways

•If the state buys special bonds for drainage projects, they can cancel them later.
•Once canceled, these bonds are no longer a debt for the drainage area.
•After cancellation, no one has to pay for them anymore.

Example

Imagine a town buys bonds to fix flooding in a neighborhood.

If the state later cancels those bonds, the neighborhood doesn’t have to pay them back.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 9470 Bond Cancellation By Treasurer

Any bonds purchased pursuant to the provisions of this article, may be delivered to the State Treasurer for cancellation and the bonds shall thereupon be canceled by the State Treasurer and after cancellation shall cease to be an indebtedness or obligation of the drainage district and the assessment, or either, for any purpose whatsoever. (Added by Stats. 1943, Ch. 369.)

Last verified: January 23, 2026

Key Terms

obligation state treasurer cancellation assessment

References

Official text at leginfo.legislature.ca.gov
California Legislature. Water Code. Section 9470.

Key Takeaways

Example

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References

Key Takeaways

Example

Key Terms

Related Statutes

References