Section 15221 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.

. When any bonds issued by a district have been purchased by the governing board of the district, the bonds shall be deemed canceled and of no further validity. The governing board of the district shall immediately, after purchasing the bonds, notify the board of supervisors of its action, describing the bonds purchased. At its first meeting thereafter the board of supervisors shall note the purchase and cancellation of the bonds in the minutes of its proceedings.