§ 29833 Warrant Interest Rate Limit

• •A group of people (the committee) decides how much extra money (interest) the government pays on special IOUs called registered warrants.
• •The extra money (interest) can't be more than 5% per year.
• •They decide this by voting, and most of them have to agree.

Imagine the government owes your school money and gives them a special IOU called a registered warrant.

The government will pay your school a little extra money (interest) every year until they pay back the full amount. The extra money can't be more than 5% of what they owe per year. A group of people decides exactly how much extra money the school gets.