Article 1. Unsold Bonds of California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 3. >> Article 1.

A county, city, district, or political subdivision may sell any of its bonds, authorized by the electors and unsold, at a price which will net the purchaser not more than 8 percent a year, payable semiannually, on the par value of the bonds.

This article does not apply to bonds authorized under a law permitting their sale at a price netting the purchaser more than 6 percent.