§ 7221 Bond Denomination Requirements

• •Bond denominations must be $100 or more.
• •The minimum amount is set by the issuing authority's resolution.
• •This rule applies to any government‑issued bond under this statute.

A city council decides to raise money by selling municipal bonds to fund a new library.

When the council adopts a resolution to issue the bonds, they must choose a denomination—like $100, $500, or $1,000—for each bond. The law says the smallest amount they can use is $100, so they cannot issue bonds worth less than that per unit.