§ 100408 Bond Election Cancellation Authority

Public Utilities Code·California

AI SummaryVerified

This law says that three years after a bond election, the board can vote to cancel any bonds that haven't been sold yet, making the permission to issue them disappear.

Key Takeaways

•The board can only act after three years have passed since the bond election.
•A two‑thirds vote of the whole board is needed to cancel the unsold bonds.
•Once the board’s ordinance takes effect, the authority to issue those bonds is gone.

Example

A city held a vote to approve $10 million in new school bonds, but after three years only $2 million of those bonds were sold.

The city board can now vote, with two‑thirds of its members, to say the remaining $8 million of bonds will never be sold, and the legal right to issue them ends.

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

Official Source

View on CA.gov

§ 100408 Bond Election Cancellation Authority

After the expiration of three years after a bond election the board may determine, by ordinance adopted by a vote of two-thirds of all the members of the board, that any or all of the bonds authorized at the election remaining unsold shall not be issued or sold. When the ordinance takes effect, the authorization to issue such bonds shall become void. (Added by Stats. 1974, Ch. 1204.)

Last verified: January 11, 2026

Key Terms

bond election ordinance two-thirds vote authorization to issue such bonds shall become void

References

Official text at leginfo.legislature.ca.gov
California Legislature. Public Utilities Code. Section 100408.

§ 100408 Bond Election Cancellation Authority

Public Utilities Code·California

AI SummaryVerified

§ 100408 Bond Election Cancellation Authority

This law says that three years after a bond election, the board can vote to cancel any bonds that haven't been sold yet, making the permission to issue them disappear.

Key Takeaways

•The board can only act after three years have passed since the bond election.
•A two‑thirds vote of the whole board is needed to cancel the unsold bonds.
•Once the board’s ordinance takes effect, the authority to issue those bonds is gone.

Example

A city held a vote to approve $10 million in new school bonds, but after three years only $2 million of those bonds were sold.

The city board can now vote, with two‑thirds of its members, to say the remaining $8 million of bonds will never be sold, and the legal right to issue them ends.

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

Official Source

View on CA.gov

§ 100408 Bond Election Cancellation Authority

Last verified: January 11, 2026

Key Terms

bond election ordinance two-thirds vote authorization to issue such bonds shall become void

References

Official text at leginfo.legislature.ca.gov
California Legislature. Public Utilities Code. Section 100408.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References