1. If for any reason the bonds of a district cannot be sold, or if at any time it shall be deemed in the best interests of the district to withdraw from sale all or any portion of an authorized bond issue, the board of directors may cancel the bonds and levy assessments in the amount of the bonds cancelled. The revenue derived from the assessments must be employed for the same purpose as was contemplated by the bond authorization, but no levy may be made to pay for work or material, payment for which was contemplated by bonds which have been authorized, until bonds to the amount of the assessments have been cancelled. 2. Assessments made in lieu of bonds cancelled must be collected in the same manner and have the same effect as other assessments levied pursuant to the provisions of this chapter. The assessments must not during any 1 year exceed 10 percent of the total bond issue authorized by the district, unless a greater assessment is authorized by a majority vote of the qualified electors of the district voting at a special election or district election or primary or general state election.
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