Section 6077.1 Of Article 3. Powers From California Harbors And Navigation Code >> Division 8. >> Part 3. >> Chapter 2. >> Article 3.
6077.1
. Whenever the improvement and development work for which any
issue of bonds has been voted has been constructed and the proceeds
of the bonds sold have not been entirely expended, the board may by
resolution order that the unexpended proceeds be placed in the fund
provided for the purpose of paying principal and interest of said
bonds or said board may by resolution direct that all or a part of
said unexpended proceeds be used for the purpose of purchasing
outstanding bonds of said district. Said bonds may be purchased only
after the publication at least twice in a newspaper of general
circulation in the district of a notice inviting sealed proposals for
the sale of bonds to the district. The notice shall state the time
and place when the proposals will be opened and the amount of money
available for the purchase of the bonds. The legislative body may
reject any or all proposals and if it rejects all thereof, may within
a period of thirty days thereafter purchase for cash any outstanding
bonds of the district but in that event the purchase price shall not
be more than the lowest purchase price at which bonds were tendered
to the district in the public bidding.
Any bonds purchased under the authority of this section shall be
canceled immediately.