§ 6343 Bond Issuance Requirements

• •The ordinance must list the total amount of money the bonds will raise.
• •It must say what denominations (sizes) the bonds will come in.
• •It must describe how the bonds will mature (when they are paid back) and the interest rate.
• •It must explain what projects or improvements the bond money will fund.
• •The board can add any other rules it thinks are helpful.

A city wants to build a new community center and decides to raise money by selling bonds.

The city’s board must write an ordinance that says the total bond amount, the denominations (like $5,000 or $10,000 bonds), when the bonds will mature, the interest rate, and that the money will be used to build the community center.