Computation of interest on State housing bonds
Source version current through Sep 15, 2021
Later State Register activity may affect this section.
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The first interest payment to bondholders is, ordinarily, due six months after the date of issue of the bonds and the interest is payable semiannually thereafter. Local agencies will accrue interest on State housing bonds at the end of each quarter beginning with the month of issue at the rate of one quarter of the annual interest on the bonds for each full calendar quarter of the interest year falling within the fiscal year. Interest for fractional parts of a quarter is computed on the basis of a 90-day quarter, regardless of the actual number of days in that quarter. In computing interest for fractional parts of a month, the first day of an interest year falling within that month is counted, but not the last day of an interest year.
| $4,000 ÷ 3 = $1,333.33 | |
| Interest for 17 days: | |
| $1,333.33 × 17/ 30 | $ 755.55 |
| Interest on $800,000 for 13 days (the number of days remaining in July, assuming a 30 day month) and for the months of August and September | |
| Interest for July: | |
| $3,200 ÷ 3 × 13/ 30 = $462.22 | |
| Interest for August and September: | |
| $3,200 ÷ 3 × 2 = 2,133.34 | 2,595.56 |
| Total interest to be accrued for quarter ending September 30, 1956 | $3,351.11 |