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.
(Added by Stats. 1984, Ch. 1406, Sec. 4. Effective September 26, 1984.)
Last modified: October 25, 2018