The funding board is authorized, empowered and directed to cancel bonds authorized to be issued by the funding board upon its determination by resolution that one (1) of the following has occurred and the canceled amount of that bond authorization is no longer needed to fund the authorized project:

(1) The project has been financed with commercial paper and the commercial paper has been retired in whole or in part without issuance of bonds;
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(2) The project was authorized to be financed with bonds but was financed in whole or in part with current funds;
(3) The bonds were authorized but are no longer necessary for a governmental purpose; or
(4) The amount of the remaining authorization is de minimis and as such will not be utilized.
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