(a) Notwithstanding any other provision of law, in lieu of prescribing a precise interest rate on registered reimbursement warrants, the committee may fix a maximum rate of interest for the warrants, not to exceed 12 percent per annum for either fixed or variable interest rate warrants, and prescribe that the interest rate on the warrants, not in excess of that maximum, shall be either of the following:
(1) Fixed in accordance with the best bids for the warrants if the warrants are sold at public sale.
(2) Fixed or variable on the terms and conditions the Controller shall approve at the time of sale of the warrants if the warrants are sold in negotiated sales.
(b) Different rates of interest for any reimbursement warrants may be so fixed or established by the Controller.
(Amended by Stats. 2009, Ch. 23, Sec. 7. Effective July 28, 2009.)