18:49
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Simple English definitions for legal terms
town-bonding act
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A quick definition of town-bonding act:
A town-bonding act is a law that allows a town or other local government to borrow money by issuing bonds. This money is usually used to help pay for big projects, like building new roads or railways. It's like taking out a loan, but instead of going to a bank, the town can borrow money from people who buy the bonds.
A more thorough explanation:
Town-Bonding Act
A law that allows a town, county, or other municipal corporation to issue corporate bonds to help fund construction projects, such as building railroads.
One example of a town-bonding act is the New York State Town Law, which authorizes towns to issue bonds to finance public works projects, such as building roads and bridges.
Another example is the Municipal Bond Act of 1911, which allowed municipalities in California to issue bonds to fund public improvements, such as water and sewer systems.
The examples illustrate how town-bonding acts allow municipalities to raise money for construction projects by issuing bonds. These bonds are essentially loans that investors can buy, and the municipality pays back with interest over time. By using bonds, municipalities can fund large projects that they might not be able to afford otherwise, such as building a new highway or water treatment plant.