The legislative body may determine to issue serial or term bonds, or both, bearing a variable interest rate that represent and are secured by assessments which are made to pay the cost of any authorized work or improvement. The bonds shall be sold at not less than 95 percent of the principal amount in the manner determined by the legislative body.
Cal. Sts. & High. Code § 8660.5
VARIABLE INTEREST RATE BONDS
Known as the Improvement Bond Act
The act spans §§ 8500 to 8887 (148 sections).
Added by Stats. 1985, Ch. 1332, Sec. 7
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.