California Streets and Highways Code 33138 – The authority may sell bonds at a price below the par or face value, …
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The authority may sell bonds at a price below the par or face value, provided that the discount on any bonds so sold shall not exceed 8 percent of the par value thereof.
The interest rate on the bonds shall not exceed 8 percent, payable semiannually. The sale shall be conducted in compliance with Chapter 10 (commencing with Section 5800) of Division 6 of Title 1 of the Government Code.
Terms Used In California Streets and Highways Code 33138
- bonds: means revenue bonds issued pursuant to this part. See California Streets and Highways Code 33100
- 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
(Amended by Stats. 1975, Ch. 130.)