California Streets and Highways Code 8664.5 – The legislative body may, by resolution, specify terms and conditions …
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The legislative body may, by resolution, specify terms and conditions under which the bonds may be converted to a fixed interest rate.
(Added by Stats. 1985, Ch. 1332, Sec. 7. Effective October 1, 1985.)
Terms Used In California Streets and Highways Code 8664.5
- 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