Section 4618 Of Article 3. Issuance Of Bonds From California Health And Safety Code >> Division 5. >> Part 3. >> Chapter 1. >> Article 3.

. The maximum rate of interest to be paid on the bonded indebtedness shall be 8 percent per annum, and shall be payable semiannually. The first interest payable on the bonds or any series of the bonds may, however, be for any period not exceeding one year, as determined by the governing body.