California Streets and Highways Code 9622 – Notwithstanding any other provision of this part, bonds originally …
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Notwithstanding any other provision of this part, bonds originally issued as variable rate bonds pursuant to Part 6.5 (commencing with Section 8660) may be refunded by the issuance of variable rate bonds issued pursuant to that Part 6.5. For purposes of this section and that Part 6.5 “bonds” includes “refunding bonds.”
(Added by Stats. 1990, Ch. 446, Sec. 20.)
Terms Used In California Streets and Highways Code 9622
- 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.