§ 6103 Bond Issuance Requirements

• •The ordinance must state the total bond amount.
• •It must list the denomination (size) of each bond.
• •It must describe the maturity method and interest rate (or maximum rate).
• •It must say what the bond money will be used for, like building projects.
• •The board can add any other provisions it thinks are helpful.

The city wants to build a new community center and decides to raise money by selling bonds.

The city’s ordinance for those bonds has to say exactly how much money they will raise, the dollar value of each bond, when the bonds will mature, what interest rate they will pay, and that the money will be used for the community center.