The interest on apportionments made under this article shall be established by the board, with the approval of the Director of General Services, as follows:
- (1) The interest rate applicable to apportionments made pursuant to Article 1 (commencing with Section 16000) and determined in accordance with Section 16065 shall be established as of June 30 of each year.
- (2) The applicable interest rate on June 30 shall apply to apportionments made under this article in the ensuing fiscal year, July 1 through June 30.
- (3) Interest on the apportionment shall be compounded annually through the 30th day of June of each year.