§ 9512 Refunding Bond Requirements

• •This law is about replacing old bonds with new ones to save money.
• •The new bonds must have a lower interest rate than the old ones.
• •The plan must say exactly how many new bonds there will be, their values, and when they need to be paid back.

A city has old bonds that cost a lot in interest, like paying 5% interest every year.

The city can issue new bonds with a lower interest rate, like 3%, to save money. They have to say exactly how many new bonds they are making and when they will pay them back.