California § 55522 - The board shall designate an amount, not less than one-fortieth of the principal
Full text of California Public Contract Code - PCC § 55522 — The board shall designate an amount, not less than one-fortieth of the principal, with citation guidance and answers to common questions.
§ 55522. The board shall designate an amount, not less than one-fortieth of the principal
The board shall designate an amount, not less than one-fortieth of the principal amount of the indebtedness, or series thereof, which shall be paid annually at a fixed time and place, together with the interest on all sums unpaid. The rate of interest shall be designated in the bonds and shall be paid semiannually at a rate not in excess of 8 percent per year; except that interest for the first year after the date of the bonds may be made payable at the end of said year.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 55522
What does Public Contract Code - PCC § 55522 cover?
Section 55522 ("The board shall designate an amount, not less than one-fortieth of the principal") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 55522?
A common citation format is "Public Contract Code - PCC § 55522" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 55522 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.