48-2756. Terms of bonds; form; interest rate;
record of sales


A. All bonds issued under this chapter shall be payable in legal currency of the
United States, and except for the bonds provided for in articles 8 and 11 of this
chapter, shall be in ten series as follows:


1. On January 1, after the expiration of eleven years, five per cent of the total
number of the bonds.


2. On January 1, after the expiration of twelve years, six per cent.


3. On January 1, after the expiration of thirteen years, seven per cent.


4. On January 1, after the expiration of fourteen years, eight per cent.


5. On January 1, after the expiration of fifteen years, nine per cent.


6. On January 1, after the expiration of sixteen years, ten per cent.


7. On January 1, after the expiration of seventeen years, eleven per cent.


8. On January 1, after the expiration of eighteen years, thirteen per cent.


9. On January 1, after the expiration of nineteen years, fifteen per cent.


10. On January 1, after the expiration of twenty years, sixteen per cent.


B. The several enumerated percentages shall be the entire amount of the issue, but
each bond shall be made payable at a given time for its entire amount and not for a
percentage.


C. The bonds shall bear interest at the rate or rates set by the accepted bid which
shall not exceed the maximum rate of interest set forth in the notice of the election,
payable semiannually on January 1 and July 1 each year. The principal and interest shall
be payable at the office of the county treasurer of the county in which the office of the
board of directors is located.


D. The bonds shall be in denominations of not less than one hundred nor more than
one 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.


E. The secretary shall keep a record of the bonds sold, their number, the date of
sale, the price received and the name of the purchaser or purchasers.