California § 13897.3. 13897.3. (Added by Stats. 1986, Ch. 410, Sec. 1.)

California Statutes

§ 13897.3. — 13897.3. (Added by Stats. 1986, Ch. 410, Sec. 1.)

California § 13897.3.

Code WATWater Code - WAT

Div. 7.DIVISION 7. WATER QUALITY

Ch. 10.7.CHAPTER 10.7. California Safe Drinking Water Bond Law of 1986

This text of California § 13897.3. (13897.3. (Added by Stats. 1986, Ch. 410, Sec. 1.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Cal. Water Code - WAT Code § 13897.3. (2026).

Text

The department shall annually establish the interest rate for loans made pursuant to this chapter at 50 percent of the average interest rate, computed by the true interest cost method, paid by the state on general obligation bonds for the prior calendar year. All loans made pursuant to this chapter shall carry the established interest rate for the calendar year in which the funds are committed to the loan, as of the date of the letter of commitment from the department, and shall remain at that interest rate for the duration of the loan.

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The department shall annually establish the interest rate for loans made pursuant to this chapter at 50 percent of the average interest rate, computed by the true interest cost method, paid by the state on general obligation bonds for the prior calendar year. All loans made pursuant to this chapter shall carry the established interest rate for the calendar year in which the funds are committed to the loan, as of the date of the letter of commitment from the department, and shall remain at that interest rate for the duration of the loan.