§ 9510 Bond Refunding Authority

• •The board can decide to pay back some or all of a loan early if they think it will save money for the people paying the loan.
• •They can do this if they find a lower interest rate, which means less money to pay back over time.
• •This decision must be written down in their official notes.

Imagine you took a loan to fix the roads in your neighborhood, and everyone is paying a little bit each month to pay it back.

If the board finds a better deal with lower interest, they can decide to pay back the loan early. This means everyone in the neighborhood will pay less money overall.