§ 15253. — 15253. (Repealed and added by Stats. 1996, Ch. 277, Sec. 2.)

California § 15253.

• Jurisdiction: California
• Code EDC: Education Code - EDC
• Div.: 1.
• Title 1.: DIVISION 1. GENERAL EDUCATION CODE PROVISIONS
• Part 10.: PART 10. SCHOOL BONDS
• Ch. 1.: CHAPTER 1. Bonds of School Districts and Community College Districts
• Art. 9.: ARTICLE 9. Tax for Payment of Bonds

Text

If the bonds are declared invalid or are not issued for any reason, the tax levied and collected shall, if the school district or community college district has other bonds outstanding, be retained in the interest and sinking fund of the district to meet the interest and principal falling due on the bonds. If the district has no bonds outstanding the proceeds of the tax levy shall be transferred to the general fund of the district on the order of the auditor.

Legislative History

Repealed and added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.