§ 15253
82 words·~1 min read·
/ca/education-code/15253A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.