Section 15726 Of Article 1. General Provisions From California Education Code >> Division 1. >> Title 1. >> Part 10. >> Chapter 4. >> Article 1.

. As used in Section 15725 of the Education Code, the phrase "adjusted to the next highest one-eighth of 1 percent" means "increased by a full one-eighth of 1 percent." It is hereby declared that this construction is not intended as a change in the present law, but as a declaration of the existing law, and shall apply to any interest rate heretofore or hereafter fixed by the board under said section.