48-2443. Form of bonds; interest rate; record
of sales
A. All bonds issued under the provisions of this article shall be payable in legal
currency of the United States and shall be payable within forty years from the date of
the bonds, but nothing in this section shall be construed to repeal the provisions of
chapter 1, article 5 of this title.
B. The bonds shall bear interest payable semiannually on January 1 and July 1 each
year. The bonds may be made callable after five years from their date at a premium not
to exceed three per cent of their face amount.
C. Subject to the provisions of subsections A and B the interest rate and the
maturity or maturities of the bonds shall be fixed by the board of directors at the date
or dates of the sale or sales or exchange of the bonds. The principal and interest shall
be payable at the office of the district or at the office of the trustee of any such
issue of bonds at the discretion of the board of directors of the district. The bonds
shall be in denominations of not less than one hundred nor more than ten thousand dollars
each, shall be negotiable in form, and signed by the president and secretary of the board
of directors with the seal of the district affixed thereto. The bonds of each issue
shall be numbered consecutively, and shall bear the date of their issue. Coupons for the
several installments of interest shall be attached to each bond and shall bear the
facsimile signature of the secretary. The bonds shall express on their face that they
were signed by the authority of this chapter, and shall state the number of the issue of
which the bonds are a part.
D. The secretary shall keep a record of the bonds sold, their number, date of sale,
the price received and the name of the purchaser or purchasers.
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