Section 43722 Of Article 3. Refunding Indebtedness From California Government Code >> Division 4. >> Title 4. >> Chapter 4. >> Article 3.

. The bonds shall be issued in denominations of not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000) each, have not more than 40 years to run, and bear a rate of interest not to exceed 8 percent a year, payable semiannually.