As used in Section 15725 of the Education Code, the phrase “adjusted to the next highest one-eighth of 1 percent” means “increased by a full one-eighth of 1 percent.” It is hereby declared that this construction is not intended as a change in the present law, but as a declaration of the existing law, and shall apply to any interest rate heretofore or hereafter fixed by the board under said section.
(Repealed and added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.)