Section 53400 Of Article 1. Unsold Bonds From 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.