Section 5404 Of Chapter 5. Tax Or Assessment Levy For Unsold Bonds From California Government Code >> Division 6. >> Title 1. >> Chapter 5.

. 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.