§ 8661
87 words·~1 min read·
/ca/streets-and-highways-code/8661A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the legislative body determines to issue bonds as provided in this part to represent the expense of any proposed work or improvement, it shall, in the resolution of intention to do the work, do all of the following:
(a)Declare that the serial or term bonds are issued pursuant to this division to represent the expenses of the proposed work or improvement.
(b)Specify that the bonds may bear a variable rate of interest.
(c)Specify the maximum rate of interest which the bonds may bear.