California Streets and Highways Code 8661 – If the legislative body determines to issue bonds as provided in this …
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If the legislative body determines to issue bonds as provided in this part to represent the expense of any proposed work or improvement, it shall, in the resolution of intention to do the work, do all of the following:
(a) Declare that the serial or term bonds are issued pursuant to this division to represent the expenses of the proposed work or improvement.
Terms Used In California Streets and Highways Code 8661
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
(b) Specify that the bonds may bear a variable rate of interest.
(c) Specify the maximum rate of interest which the bonds may bear.
(Added by Stats. 1985, Ch. 1332, Sec. 7. Effective October 1, 1985.)