§ 1212 Bond Election Procedures
This law says a bond election question has to be filed within 90 days after a petition and must include what the bond is for, how much money, and the interest rate (which can’t be more than 6%).
A town wants to raise $2,000,000 by selling bonds that pay 5% interest to build a new park.
Because the interest rate is 5%, which is under the 6% limit, the town can file the bond question within 90 days and must list the purpose (new park), the amount ($2,000,000), and the 5% rate.)
Interest rate must be ≤ 6%
Town proposes bonds at 5% interest.
Result: 5% ≤ 6%, so the bond question is allowed.
AI-generated — May contain errors. Not legal advice. Always verify source.
§ 1212 Bond Election Procedures
Last verified: January 11, 2026