For the purpose of constructing and maintaining the ditches and other improvements provided for under this chapter, for carrying out the purposes and provisions of this chapter, and for paying for the work incident thereto, the said board of commissioners shall have power to borrow money and to issue its negotiable evidence of indebtedness or serial bonds therefor, not exceeding in amount the total amount of benefits assessed against all the real property in the district. Such bonds shall be in such sums and denominations of not less than one hundred dollars ($100.00) each as the said board of commissioners may prescribe, shall each be signed by the members of the said board of commissioners and bear the seal of its drainage district, and shall be made payable, either within or without the limits of this state, to the person or persons to whom sold, or bearer, or bearer simply, at the discretion of said board. No bond issued under the terms of this chapter shall run for more than thirty (30) years; and said bonds may be made to mature serially in such numbers as the board may elect, so that a portion thereof may mature each year as the assessments are collected. Such bonds shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-101, for which interest coupons may be attached, payable at such time and place as the board may contract, which interest coupons shall bear the facsimile signature of each member of the board of commissioners lithographed thereon. The said bonds may be sold or negotiated in any market in or out of the state at not less than their par value, provided, however, that the cost of lithographing or printing and the necessary expenses of selling said bonds may be incurred.

Notwithstanding the foregoing provisions of this section, bonds referred to hereinabove may be issued pursuant to the supplemental powers and authorizations conferred by the provisions of the registered bond act, being Sections 31-21-1 through 31-21-7.