Section 15220 Of Article 7. Purchase Of Bonds By Issuing School Districts And Community College Districts From California Education Code >> Division 1. >> Title 1. >> Part 10. >> Chapter 1. >> Article 7.

. The governing board of a school district or community college district may purchase in the open market bonds issued by the district. The cost of bonds purchased may be paid out of any funds of the district not required by law to be set aside for teachers' salaries.