§ 14024. — 14024. (Added by Stats. 1988, Ch. 45, Sec. 1.)

California § 14024.

• Jurisdiction: California
• Code WAT: Water Code - WAT
• Div. 7.: DIVISION 7. WATER QUALITY
• Ch. 16.: CHAPTER 16. California Safe Drinking Water Bond Law of 1988
• Art. 2.: ARTICLE 2. California Safe Drinking Water Program

Text

The department shall establish the interest rate for loans made pursuant to this chapter at 50 percent of the true interest cost to the state of general obligation bonds issued most recently prior to the loan being executed. 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.

Legislative History

Added by Stats. 1988, Ch. 45, Sec. 1. Approved in Proposition 81 at the November 8, 1988, election.