California Streets and Highways Code 8664.3 – The legislative body may, by resolution, specify that the interest …
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The legislative body may, by resolution, specify that the interest rate on the bonds may vary from time to time as determined by a bond index or some other means prescribed in the resolution.
(Added by Stats. 1985, Ch. 1332, Sec. 7. Effective October 1, 1985.)
Terms Used In California Streets and Highways Code 8664.3
- 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