California · Government Code
GOV §5404: If at any time following the levy of the tax or assessment authorized by Section 5403, the board, council or other body having the power to sell the bonds shall determine that the bonds are not to be
What this law says, in plain English
A governing body may decide not to sell bonds that were authorized by a tax or assessment levy under Section 5403.
Read the full statutory text
If at any time following the levy of the tax or assessment authorized by Section 5403, the board, council or other body having the power to sell the bonds shall determine that the bonds are not to be issued and sold, the proceeds of the tax or assessment so levied to pay such principal or interest may be transferred to the general fund of the public body.
Verify at the official source: California legislative text
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