Cal. EDC § 15253
This is the official text of Cal. EDC § 15253, part of California’s Education Code — governs public schools, community colleges, and universities in California.
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Official statutory text
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.
Status: in_force · Read it on the official government site
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