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HomeHarbors and Navigation CodeDiv. 6Pt. 4Ch. 1§ 3912 Bond Interest Rate Determination

§ 3912 Bond Interest Rate Determination

Harbors and Navigation Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 3912 Bond Interest Rate Determination

This law says that the interest rates on bonds can be different for each bond, and the people in charge decide what those rates will be before selling the bonds.

Key Takeaways

  • •Interest rates on bonds can be different for each bond.
  • •The people in charge decide the interest rates before selling the bonds.
  • •If the bonds are sold based on bids, the State Treasurer sets the interest rates based on the winning bid.

Example

Imagine the government wants to borrow money by selling bonds to build a new school.

They can set different interest rates for each bond. For example, one bond might have a 3% interest rate, and another might have a 4% interest rate. The people in charge decide these rates before selling the bonds.

How to Calculate

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Result: Not applicable

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

Official Source
View on CA.gov

§ 3912 Bond Interest Rate Determination

The rate of interest to be borne by the bonds need not be uniform for all bonds of the same issue, series or division and shall be the rate or rates fixed and determined by the committee in a resolution adopted prior to the sale of the bonds or as specified in the bid accepted by the State Treasurer if the bonds are sold on the basis of the bidder naming the interest rate or rates, in which event the State Treasurer shall fix such rate or rates in conformity with the bid of the successful bidder. (Added by Stats. 1958, 1st Ex. Sess., Ch. 103.)

Last verified: January 11, 2026

Key Terms

rate of interestbondscommitteeState Treasurerbidder

Related Statutes

  • § 3906 Bond Issuance Authorization Limits
  • § 3921 State Bond Payment Duty
  • § 3923 Bond Destruction Authority
  • § 3925 Bond Maturity Payment Procedure
  • § 3926 Bond Redemption Authority

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Harbors and Navigation Code. Section 3912.
View Official Source