Terms and conditions of bonds
- bond register
(1)The bonds issued shall be numbered consecutively, commencing with number 1. They shall mature serially in annual amounts so as to be approximately equal, principal and interest, commencing not more than five years and extending not more than 50 years after the date of issue, as the board of directors may determine, or in case the board deems it advisable to submit the question of maturities at the bond election, then as the electors may determine. They shall be negotiable in form. The bonds may be issued when so authorized by the electors so as to include a sum sufficient to pay the first four years’ interest, or less, to accrue on the bonds.
(2)The bonds shall bear interest at a rate determined by the board of directors, payable semiannually on the first day of January and July of each year. The principal and interest shall be payable at the places designated in the bonds and coupons. The bonds shall be signed by the president and secretary. Coupons for interest shall be attached to each bond, and may be signed with the printed, lithographed or engraved facsimile signature of the secretary.
(3)The secretary of the district shall register the bonds in books kept in the office of the secretary for that purpose, and therein must be stated the number, date, amount of bond, time and place of payment, rate of interest, number of coupons attached, and any other description proper for future identification of each bond. This section shall not be construed to provide that any bond of the district shall bear a registration certificate by the secretary. [1965 c.623 §20; 1969 c.691 §10; 1991 c.459 §431d]
Section 553.630 — Terms and conditions of bonds; bond register,