§ 13425 Local Bond Guarantee Applications

• •If a local group (like a city or school) wants the state to promise to pay back money they borrow, they have to fill out an application.
• •The application must say what they plan to build or fix, how much money they need, and how they will pay it back.
• •The state can ask for more details if they need it.
• •The application can be combined with other requests for money from the state.

A small town wants to build a new park but doesn't have enough money. They decide to borrow money by selling bonds and want the state to promise to pay it back if the town can't.

The town must fill out an application telling the state what the park will have, how much money they need to borrow, and how they will pay it back (like using money from park fees). The state might ask for more details, and the town can also ask for other money from the state in the same application.