§ 9456 Bond Repayment Schedule Requirements

• •At least 10% of the total bond money must be paid back within the first 10 years.
• •After the first 10 years, at least 9% of the total bond money must be paid back every year.
• •This keeps happening every year until all the bond money is paid back.

A city borrows $1,000,000 by selling bonds to build a new park.

The city must pay back at least $100,000 (10%) in the first 10 years. Then, starting in year 11, they must pay back at least $90,000 (9%) every year until the whole $1,000,000 is paid off.