§ 102509 Bond Election Cancellation Authority

• •After three years, any bonds that weren’t sold can be cancelled.
• •The board must adopt an ordinance with at least a two‑thirds vote to do this.
• •Once the ordinance takes effect, the authority to issue those bonds disappears.

A city held a bond election in 2020 to raise money for a new park, but by 2023 only half of the bonds were sold. The city council votes 8‑2 (out of 10 members) to cancel the remaining unsold bonds.

Because three years have passed and the council got a two‑thirds vote, the unsold bonds are declared void and can’t be sold later.