In Golden Gate Bridge etc. Dist. v. Filmer (1933) 217 Cal. 754, the Supreme Court was faced with a similar question. An uncodified statute (the Bridge and Highway District Act) provided that "the maximum rate of interest to be paid on bonds shall not exceed six percentum per annum." Pursuant to the statute the voters approved a proposition for a bonded indebtedness "bearing interest not exceeding 5 per cent per annum." The district then advertised for bids on bonds bearing interest of 4 3/4 percent per annum and sold the bonds for less than their face value, thereby yielding to the purchasers 5 1/4 percent interest. The Supreme Court rejected the contention that the interest provisions of the statute and the proposition approved by the voters referred solely to the rate of interest yielded to the purchasers of the bonds, and concluded that the terms "rate of interest" in the statute and "bearing interest not exceeding 5%" in the proposition referred to the coupon rate of the bonds to be issued. (217 Cal. at p. 762.) In reaching this conclusion the court noted that the statute did not expressly prohibit sale of the bonds at a price below their par value, and went on to state: "The three essential characteristics of such bonds are principal amount, coupon rate and maturity . . . . para. It seems to us that since the language in the statute and in the proposition submitted to the electors clearly refers to one of the essential characteristics of bonds, to wit, the coupon rate, there can be justification for disregarding the natural meaning of the language used and its evident purpose, and that it must be held that the language of the act and the proposition refers directly to the description and form of the bonds to be issued." (217 Cal. at p. 759.)