§ 9513 Refunding Bond Maturity Terms

• •Refunding bonds must be paid back in parts over time.
• •The board decides how much to pay back each time.
• •This rule was added in 1943.

Imagine you borrowed money from a friend and agreed to pay it back in small amounts every month.

Just like that, the board decides how much of the refunding bonds to pay back each time until it's all paid off.