Whenever there shall be on hand in any bond and interest fund an amount in excess
of the amount which will be required for expenditure therefrom within the next succeeding
twelve months, the board of supervisors may use such excess amount to purchase the
outstanding bonds of the county which are payable from such fund whenever, in the
judgment of such board the best interest of the county would be served thereby. When such bonds are purchased, they shall be cancelled and retired and shall not
thereafter be resold or reissued.
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