California Streets and Highways Code 8660.5 – The legislative body may determine to issue serial or term bonds, or …
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The legislative body may determine to issue serial or term bonds, or both, bearing a variable interest rate that represent and are secured by assessments which are made to pay the cost of any authorized work or improvement. The bonds shall be sold at not less than 95 percent of the principal amount in the manner determined by the legislative body.
(Added by Stats. 1985, Ch. 1332, Sec. 7. Effective October 1, 1985.)
Terms Used In California Streets and Highways Code 8660.5
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC