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.

(Added by Stats. 1955, Ch. 333.)

Terms Used In California Government Code 5404

  • Bonds: as used in this chapter means any bonds or other evidences of indebtedness the principal and interest of which are payable or may be paid from ad valorem taxes or assessments levied by or on behalf of a public body. See California Government Code 5401
  • Public body: as used in this chapter means any county, city and county, city, public district, public authority or other public corporation which is authorized to issue bonds. See California Government Code 5400
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