§ 10602
76 words·~1 min read·
/ca/streets-and-highways-code/10602A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The bonds may be issued and sold as the legislative body directs. The proceeds of the bonds shall be deposited in the fund specified in Section 10424. The notice in the resolution of intention shall recite a maximum rate of interest to be paid on the indebtedness, not to exceed 8 percent a year payable semiannually, which rate shall not be exceeded in the issuance of the bonds. All bonds shall be made payable to bearer.