Section 53827 Of Article 7. Temporary Borrowing From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 4. >> Article 7.

. The sale shall be made to the bidder offering the lowest rate of interest or whose bid represents the lowest net cost to the local agency. Notwithstanding the provision of Section 53531, the rate of interest shall not exceed 15 percent a year.