§ 19532 Bond Cancellation For Libraries

• •If a library district has bonds that weren't sold, the board can decide to cancel them.
• •The board listens to reasons for and against canceling the bonds before making a decision.
• •If the board cancels the bonds, they become worthless and the original vote to issue them no longer matters.

A small town voted to sell bonds to build a new library, but not all the bonds were sold. Now, the town doesn't need the money because they got a big donation instead.

The town's board can hold a meeting to listen to people who want to keep or cancel the unsold bonds. If the board thinks it's best, they can cancel the bonds, and the old vote to sell them won't count anymore.