§ 9046 Warrant Cancellation By Trustees

• •If the people in charge of a special area (trustees) think they can pay off old promises (warrants) with money from taxes on the land in that area, they can ask to cancel those promises.
• •They can only do this if they believe at least 85% of the money needed to pay the promises will come from taxing the land in that area.
• •Once canceled, those old promises are gone and can’t be used anymore.

Imagine a small town has old promises to fix roads, and they think they can pay for it by taxing the land in the town.

If the town leaders believe that most of the money (85% or more) to fix the roads will come from taxing the land, they can cancel the old promises to fix the roads. Once canceled, those promises are gone, and no one can use them to demand the town fix the roads.