§ 19729 Library Bond Interest Limits

• •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.

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

They can sell bonds to get the money, but the interest on these bonds can't be more than 6% per year. The money they get from selling the bonds must go into the library building fund and can't be used for anything else.