Cal Fed is planning a $50-million note sale.

The large Los Angeles-based savings and loan association said the mortgage-backed notes will have a “collared” floating rate, meaning that the rate will vary but only within certain maximum and minimum levels. Those levels haven’t been established yet, a company spokesman said. The notes will mature in 1988. Money raised from the sale, which is being underwritten by Paine Webber, will be used for general corporate purposes, Cal Fed said.