15-1030. Cancellation of unsold bonds; notice;
hearing
A. If a bond issue remains unsold for six months after being offered for sale, the
governing board of the school district or any school district comprised wholly or partly
of territory which at the time of holding the bond election was within the school
district may cancel the unsold bonds.
B. The school district governing board shall fix a time for a hearing on the
proposed cancellation of the unsold bonds. The school district governing board shall
give notice of the time and place of the hearing which shall set forth in general terms
the object of the hearing. The notice shall be published for ten days prior to the day
of hearing in some newspaper published in the school district. If no newspaper is
published in the school district, the notice shall be published in a newspaper published
at the county seat of the county in which the school district or some part thereof is
located.
C. At the time and place designated in the notice the school district governing
board shall hear reasons for or against granting the proposed cancellation of the unsold
bonds, and if the board deems it for the best interests of the school district that the
unsold bonds be canceled it shall enter an order canceling the unsold bonds, and
thereupon the bonds and the vote by which they were authorized to be issued shall be
void.
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