California Code, Streets and Highways Code - SHC § 33138

The authority may sell bonds at a price below the par or face value, provided that the discount on any bonds so sold shall not exceed8 percent of the par value thereof.

The interest rate on the bonds shall not exceed8 percent, payable semiannually.  The sale shall be conducted in compliance with Chapter 10 (commencing with Section 5800) of Division 6 of Title 1 of the Government Code.