1. (a) The interest rate on resale contracts will be calculated at one percent (1%) below the actual Pooled Money Investment Account interest rate on the date the contract is executed by and between the parties.
2. (b) The interest rate established on the date the contract is executed shall be a fixed rate of interest for the life of the contract.
3. (c) The maximum term of a resale contract financed through the Agency is five (5) years. The maximum term of a renegotiated resale contract shall not exceed five (5) years from the date of execution of the original resale contract.

Note: Authority cited: Sections 8585 and 8589.19(a), Government Code. Reference: Sections 8585 and 8589.13(b), Government Code.

History

1. New section filed 1-6-89; operative 2-5-89 (Register 89, No. 3).

2. Change without regulatory effect amending subsection (c) and Note filed 5-12-2010 pursuant to section 100, title 1, California Code of Regulations (Register 2010, No. 20).