There is a newer version of the California Code
2010 California Code
Government Code
Article 1. Unsold Bonds
GOVERNMENT CODE
SECTION 53400-53401
53400. 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. 53401. This article does not apply to bonds authorized under a law permitting their sale at a price netting the purchaser more than 6 percent.
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