Statutes, codes, and regulations
CALIFORNIA CODES
CALIFORNIA EDUCATION CODETitle 1 - GENERAL EDUCATION CODE PROVISIONSDivision 1 - GENERAL EDUCATION CODE PROVISIONSPart 10 - SCHOOL BONDSChapter 1 - BONDS OF SCHOOL DISTRICTS AND COMMUNITY COLLEGE DISTRICTS
Article 9 - TAX FOR PAYMENT OF BONDS
Section 15253 - Retention of tax levied in interest and sinking fund if bonds declared invalid or not issued

Cal. Ed. Code § 15253

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Current through the 2023 Legislative Session.
Section 15253 - Retention of tax levied in interest and sinking fund if bonds declared invalid or not issued

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.

Ca. Educ. Code § 15253

Repealed and added by Stats. 1996, Ch. 277, Sec. 2.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