Section 16065 Of Article 1. General Provisions From California Education Code >> Division 1. >> Title 1. >> Part 10. >> Chapter 6. >> Article 1.
16065
. Notwithstanding any provision to the contrary after June 28,
1955, at the time the board makes an apportionment, the board, with
the approval of the Director of General Services, shall, pursuant to
this section, fix the rate of interest to be paid by the district on
the sum apportioned to it. The board shall compute the average of the
rates of interest which the state pays upon the state school
building bonds, authorized by Article XVI, sold at the three sales of
state school building bonds occurring immediately prior to the
apportionment, or, if the board so determines, at all of the sales of
the bonds occurring in the two years immediately prior to the
apportionment, giving effect to the price at which the state school
building bonds sold at the sales, and the premium, if any paid,
thereon. The average rate shall be adjusted to the next highest
one-tenth of 1 percent to cover the cost of sale and issuance of the
bonds and costs of administration. The adjusted average rate shall be
the rate paid by the district on its apportionment, and shall be
compounded annually through the 30th day of June of each year.