Washington Code 39.56.020 – Rate on municipal warrants
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All county, city, town and school warrants, and all warrants or other evidences of indebtedness, drawn upon or payable from any public funds, shall bear interest at a rate or rates as authorized by the issuing authority.
NOTES:
Purpose—1970 ex.s. c 56: See note following RCW 39.52.020.
Cities and towns, local improvement district warrants, interest rate: RCW 35.45.130.
Terms Used In Washington Code 39.56.020
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC