Bond

Definition

A debt in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest at a later date. Bonds questions may be placed on local ballots to approve or deny a bond and, if approved by voters, the bond may be repaid through the collection of property taxes within a determined jurisdiction, school district, or special district. Ballot questions may be placed on Statewide ballots and, if approved by voters, the bond is repaid with taxes or fees collected by the State.