Cal. Water Code § 13468

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.