§ 8.64.040   Interest.
   Interest shall be paid on the remaining principal and shall be at a variable rate compounded annually. The interest rate used for each calendar year shall not exceed the average annual Local Agency Investment Fund (LAIF) rate of return on City of Tulare investments from the previous calendar year. Interest for a portion of a year shall be prorated to the nearest month.
(1995 Code, § 8.64.040)