247.580. Bonds, when payable--interest, execution--denomination.
Bonds, when payable--interest, execution--denomination.
247.580. All general obligation bonds, issued under theprovisions of sections 247.230 to 247.670 shall be payableserially, beginning not more than five years after date theybear, and the last installment thereof shall be payable not morethan twenty years after such date. All revenue bonds issuedunder the provisions of sections 247.230 to 247.670 shall bepayable serially, beginning not more than five years after thedate they bear, and the last installment thereof shall be payablenot more than thirty years after such date. Such bonds shallbear a rate of interest not exceeding six percent per annum,payable semiannually, shall be executed by the president of theboard, attested by the secretary of the board, under the seal ofthe district, and shall be of such denomination as the board ofdirectors may determine.
(L. 1949 p. 350 § 35)