§ 6647 Bond Payment And Call Terms

• •Bonds must be paid in full on the date set by the board, not in small parts over time.
• •The board can decide to pay back a bond early, but they have to say so on the bond.
• •If a bond can be paid early, the rules for doing so are set by the board.

Imagine you lend money to a school district, and they give you a bond as a promise to pay you back.

The school district must pay you back all at once on the date they chose, like June 1, 2030. They can’t pay you a little each year. But if they want, they can say, 'We might pay you back early on June 1, 2025, if we have the money.' They have to write that on the bond when they give it to you.