§ 34214 Authority Bond Definitions

• •This law talks about 'bonds' which are like promises to pay back money.
• •Bonds can be called different names like notes or certificates.
• •These bonds are given out by a group called 'the authority'.
• •This rule was added a long time ago, in 1951.

Imagine you lend money to your friend and they write you a note saying they will pay you back.

In this law, that note is like a 'bond'. The authority is like your friend, and the note is their promise to pay you back.