After the expiration of three years after a bond election, the board may determine, by ordinance adopted by a vote of two-thirds of all the members of the board, that any or all of the bonds authorized at the election remaining unsold shall not be issued or sold. When the ordinance takes effect, the authorization to issue those bonds shall become void.
Cal. Pub. Util. Code § 103508
Authorization and Issuance of General Obligation Bonds
Known as the San Mateo County Transit District Act
The act spans §§ 103000–103700 (192 sections).
Added by Stats. 1974, Ch. 502.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.