§ 59210 Bond Acquisition Cancellation Resolution

• •Before buying and canceling any bonds, the government group must make an official decision to do it.
• •They have to say out loud (in a resolution) that they plan to buy and cancel the bonds.
• •This rule was added a long time ago, in 1951.

Imagine your city wants to buy back some old loans (bonds) it gave out to build a park.

Before they can do that, the city leaders must have a meeting and agree to it officially. They write it down in a special paper called a resolution.