§ 13412
66 words·~1 min read·
/ca/water-code/13412A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.