Such bonds shall be payable in lawful money of the United States and shall run for a period of not more than forty (40) years, the amount, maturity dates, redemption provisions and interest rates to be determined by the board of directors. The principal and interest shall be payable at the office of the treasurer of the county in which said district shall be organized, or at any bank or paying agency designated by the board of directors. Such bonds shall each be of a denomination of not less than One Thousand Dollars ($1,000.00) nor more than Five Thousand Dollars ($5,000.00), shall be negotiable in form, executed in the name of the district, and signed by the president of the board of directors and the secretary of the district. In addition and without limiting the generality of the foregoing provisions, the district shall be authorized to issue notes or other evidences of indebtedness for the corporate purposes enumerated in Sections 2 through 18 of this act in the same manner and subject to the same procedures as bonds issued by the district. Notwithstanding the provisions of Section 14 of this act, bonds, notes or other evidences of indebtedness may be sold by the board of directors to the federal government or any agency thereof at negotiated or private sale. Bonds shall be numbered consecutively as issued and shall be dated as of the date of issuance, and shall be payable in their numerical order with interest to date of payment.

The bonds shall express upon their face that they are issued pursuant to a duly adopted resolution of the board of directors for the district and under the provisions of Sections 2 through 18 of this act. The secretary shall keep a record of the bonds sold, their number, date of sale, the prices received and the name of the purchaser. These bonds shall bear interest at the rate of not exceeding sixteen percent (16%) per annum.

Added by Laws 1986, c. 93, § 13, eff. Nov. 1, 1986.