All of the bonds issued pursuant to the authority set forth in Section 59-7-11 shall be lithographed or engraved, and printed in two (2) or more colors, to prevent counterfeiting, and shall be in sums not less than one hundred dollars ($100.00) nor more than one thousand dollars ($1,000.00) each, and shall be registered as issued, be numbered in a regular series from one (1) upward, be signed by the mayor and countersigned by the clerk who shall impress the municipal seal upon each bond as it is issued; and every bond shall specify on its face the purpose for which it was issued; and the total amount authorized to be issued and each shall be payable to bearer. All such monies above referred to, as retained by the boards of supervisors, shall first be appropriated by the boards of supervisors for the payment of interest and sinking fund for any and all bonds issued by the municipality for port purposes and the balance, if any, shall be expended by the boards of supervisors by and under the direction and advice of the port commission of said municipality. However, in case there is not sufficient money to pay the interest and sinking funds on said bonds the corporate authorities of municipalities issuing said bonds shall levy annually a special levy to be used exclusively in paying the interest on each bond and bonds maturing within the year providing a sinking fund for the redemption of the bonds issued. However, such tax levy shall not be made by municipalities to pay bonds, nor the interest thereon, issued under article 7 of this chapter.

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.