(a) As used in this section, “apportionment rate” means the apportionment rate calculated by the Controller as the rate of earnings by the Surplus Money Investment Fund for each calendar quarter.
(b) The rate of interest payable under this article for each calendar quarter, or fraction thereof, for which interest is due, shall be the apportionment rate for the immediately preceding calendar quarter.
(c) Each district office of the Department of Transportation shall quote the apportionment rate to any person upon request.
(Amended by Stats. 2006, Ch. 311, Sec. 1. Effective January 1, 2007.)