Section 25443.

Latest version.

(a) Principal and interest payments on loans under this article shall be returned to the commission and shall be used to make additional loans to local jurisdictions pursuant to Section 25442 or to provide financial assistance to local jurisdictions pursuant to Section 25441.

(b) Notwithstanding any other provision of law, the commission shall, unless it determines that the purposes of this chapter would be better served by establishing an alternative interest rate schedule, periodically set interest rates on the loans based on surveys of existing financial markets and at rates not less than 1 percent per annum.

(Amended by Stats. 2012, Ch. 615, Sec. 6. Effective January 1, 2013. Repealed as of January 1, 2016, pursuant to Section 25449.4.)

                    
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