Each bond, or any portion of the bond in a fixed amount or any integral multiple of the fixed amount, shall be subject to redemption in advance of its maturity on any interest payment date upon payment to the registered owner of the principal and accrued interest to the date of redemption together with a redemption premium, if any, as determined by the legislative body, not to exceed 5 percent of the principal.
Cal. Sts. & High. Code § 8664
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.