California § 91537.5 - The bonds may bear interest on the amount or amounts, payable at the time or time
Full text of California Public Contract Code - PCC § 91537.5 — The bonds may bear interest on the amount or amounts, payable at the time or time, with citation guidance and answers to common questions.
§ 91537.5. The bonds may bear interest on the amount or amounts, payable at the time or time
The bonds may bear interest on the amount or amounts, payable at the time or times, evidenced in the manner and at the fixed or variable rate or rates as shall be established by or pursuant to a method approved by the board, but the maximum rate of interest to be paid on any tax-exempt bonds shall not exceed 12 percent per annum or such higher rate as is at the time of accrual of interest then stated in Section 53531 or other applicable law. In the case of taxable bonds, or tax-exempt bonds the interest on which becomes includable in federal gross income after original issuance, the maximum rate of interest to be paid on the bonds shall not exceed 16 percent per annum. Project agreements may bear up to the same rate of interest as the underlying bonds.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 91537.5
What does Public Contract Code - PCC § 91537.5 cover?
Section 91537.5 ("The bonds may bear interest on the amount or amounts, payable at the time or time") 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 § 91537.5?
A common citation format is "Public Contract Code - PCC § 91537.5" (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 § 91537.5 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.