The legislative body may provide that bonds shall bear a variable interest rate, and for the manner and intervals in which the rate shall vary. The variable rate shall not exceed the maximum rate permitted by Section 53531 or any other applicable provision of law limiting the maximum interest rate on bonds.
Cal. Gov. Code § 53360.7
Bonds
Known as the Mello-Roos Community Facilities Act
The act spans §§ 53311 to 53368.3 (152 sections).
Added by Stats. 1984, Ch. 1406, Sec. 4
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.