§ 19527 Library Bond Interest Limits

Education Code·California

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Key Takeaways

•The bonds cannot have more than 6% interest per year.
•Interest must be paid every year or every six months.
•The bonds must be sold for at least their face value.
•The money from selling the bonds goes to the library building fund.

Example

A county wants to build a new library and needs money.

They can sell bonds to get the money, but the bonds can't have more than 6% interest. The money from selling the bonds goes into a special fund for building the library.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 19527 Library Bond Interest Limits

The bonds shall not bear a greater amount of interest than 6 percent, to be payable annually or semiannually. The bonds shall be sold in the manner prescribed by the board of supervisors, but for not less than par, and the proceeds of the sale thereof shall be deposited in the county treasury to the credit of the building fund of the library district, and shall be drawn out for the purposes for which the bonds were issued as other library money is drawn out. (Enacted by Stats. 1976, Ch. 1010.)

Last verified: January 23, 2026

Key Terms

bonds interest building fund library district

References

Official text at leginfo.legislature.ca.gov
California Legislature. Education Code. Section 19527.

Key Takeaways

Example

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References

Key Takeaways

Example

Key Terms

Related Statutes

References