California Code, Streets and Highways Code - SHC § 31142

The authority shall determine the form, conditions, and denominations of all bonds, the dates which the bonds to be sold shall bear, and the interest rate thereon which shall not exceed 6 percent per annum.  The rate of interest need not be uniform for all bonds of the same authorized issue.  Principal and interest of the bonds shall be payable at such places as are fixed and determined by the authority.  The bonds may contain provisions for registration as to principal only and as to both principal and interest.  The bonds shall be issued in coupon form with interest payable at such times as are determined by the authority, and shall mature at such times and in such amounts as the authority prescribes.