No loan shall be made to a public agency unless it executes an agreement with the state board under which it agrees to repay the amount of the loan, with interest, within 25 years at 50 percent of the average interest rate paid by the state on general obligation bonds sold in the calendar year immediately preceding the year in which the loan agreement is executed.
Cal. Water Code § 13412
Loans to Local Agencies
Known as the Porter-Cologne Water Quality Control Act
The act spans §§ 13000–16201 (413 sections).
Amended by Stats. 1986, Ch. 978, Sec. 1.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.