California Water Code 13468 – It is the intent of language in Section 13998.8(i)(3), Section …
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It is the intent of language in Section 13998.8(i)(3), Section 13999.10(d), and Section 13999.11(d) of the Water Code which was enacted by the voters in the Clean Water Bond Law of 1984 that “the average interest rate paid by the state on general obligation bonds in the calendar year immediately preceding the year in which the loan agreement is made” means the interest rate computed by the true interest cost method on the bonds most recently issued pursuant to the Clean Water Bond Law of 1984.
(Added by Stats. 1986, Ch. 6, Sec. 1. Approved in Proposition 44 at the June 3, 1986, election.)
Terms Used In California Water Code 13468
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: means the State of California, unless applied to the different parts of the United States. See California Water Code 18