AZ vs. CA:07 California Exhibits, Vol. VII; Nos. 326-370

page 94

-94- &scteosbery Sec. 55. Unnecessary Bonds May Be Destroyed. Whenever there remains in the hands of the secretary of the district any funding bonds voted to be issued by said district, but not used, and not necessary to be used for the funding purposes set out and described in the petition for the issuance of said bonds, then said board of trustees shall, at a regular meeting, within three months after the completion of the funding, cause the same to be destroyed, and a record to be made thereof, and the total amount of bonds so destroyed and canceled shall be deducted from the sum authorized to be issued by the voters of the district, and no part thereof shall be thereafter reprinted or reissued. ne°nona Sec. 56. Bonds Are a Lien on Property. property. Any bonds issued under the provisions of this act shall for funding or refunding purposes, be a lien upon the real property of the district, and said bonds and the interest thereon shall be paid by revenue derived from an annual assessment upon the real property of the district and improvements, and all such property in said district shall be and remain liable to be assessed for such payments as hereinbefore provided. Sec. 57. Refunding of Bonds. The board of trustees of this district may, by a majority vote of the members of the board of trustees, submit to the electors of the district at any election, a proposition for the issuance of new bonds for the purpose of refunding any or all of the bonds outstanding, issued by this district, or the Palo Refunding of bonds.