Sejong-si, Regional Development Bonds 'Unrefunded Amounts' Bulk Repayment... "Online Application Available"

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City announced on the 28th that it will conduct a mass repayment of unrefunded regional development bonds starting from the 2nd of next month.

Regional development bonds are bonds that residents are required to purchase according to the 'Local Public Enterprises Act' when registering a vehicle with local governments or entering into various permits, construction, service, or goods contracts.

However, unrefunded bond amounts occur every year because bondholders either do not claim refunds due to the inconvenience of having to visit the treasury bank on the bond maturity repayment date or simply forget that they hold the bonds.

In particular, there are cases where refunds cannot be received because the bond expiration period (10 years from the repayment start date for principal, 5 years for interest) has passed. For example, the outstanding amount of Sejong City regional development bonds issued between 2012 and 2016 has reached 147 million KRW.

Accordingly, the city plans to allow bondholders to receive bond refunds through the bank's mobile app or website without visiting the treasury bank when the bond matures.

Additionally, when purchasing new bonds, bondholders will be able to apply for automatic deposit of maturity refunds to protect their rights.

Kim Hoe-san, the city's budget officer, said, "Using the online repayment system will greatly simplify the repayment process," and added, "We hope this will ensure that citizens' rights are fully protected."

This content was produced with the assistance of AI translation services.