468.76 - AMOUNT -- INTEREST -- MATURITY.
468.76 AMOUNT -- INTEREST -- MATURITY. In no case shall the aggregate amount of all bonds issued exceed the benefits assessed. The bonds shall not be issued for a greater amount than the aggregate amount of assessments for the payment of which they are issued, nor for a longer period of maturity than twenty years. The bonds shall bear interest at a rate determined by the board, notwithstanding chapter 74A, payable semiannually, on June 1 and December 1 of each year. The interest on unpaid assessments shall be at a rate determined by the board.
Section History: Early Form [C97, § 1953; S13, § 1989-a27; C24, 27, 31, 35, 39, § 7505; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 455.83]
Section History: Recent Form 89 Acts, ch 126, § 2 CS89, § 468.76 94 Acts, ch 1035, §5 Referred to in § 357.21