Debt maturity is the date when a loan or bond's principal amount must be fully repaid to investors. Municipal debt typically has maturities ranging from 5 to 30 years, aligned with the useful life of the assets being financed. Shorter maturities mean higher annual payments but less total interest; longer maturities reduce annual burden but increase overall interest costs. A well-managed municipality maintains a balanced maturity schedule, avoiding situations where too much debt comes due in a single year (requiring either large repayments or expensive refinancing). When debt matures, the municipality either pays it off from reserves or operating funds, or issues new debt to refinance if permitted. Maturity dates are tracked carefully in debt schedules that inform budget planning.