§ 6570 Bond Repayment Time Limits

• •Bonds issued under this law must be paid back within 40 years.
• •The payment deadline for the bonds cannot be later than when the agency, board, or commission that issued them is set to end.
• •The rules for how long the agency lasts are decided by the agreement in place when the bonds are issued.

A city issues bonds to build a new park.

The city must pay back the money for the park within 40 years. If the city agency handling the park is scheduled to end in 30 years, the bonds must be paid back by then, not later.