California Education Code 15726 – As used in Section 15725 of the Education Code, the phrase “adjusted …
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As used in § 15725 of the Education Code, the phrase “adjusted to the next highest one-eighth of 1 percent” means “increased by a full one-eighth of 1 percent.” It is hereby declared that this construction is not intended as a change in the present law, but as a declaration of the existing law, and shall apply to any interest rate heretofore or hereafter fixed by the board under said section.
(Repealed and added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.)
Terms Used In California Education Code 15726
- Board: means the State Allocation Board. See California Education Code 15701
- 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