As Amended
SEC. 31-15-7. Interest and form.
Such refunding bonds shall bear such rate or rates of interest as may be determined by the governing body, not
exceeding, however, six per cent. per annum payable semi-annually; shall be in such denomination or
denominations and form as may be determined by resolution or order of the governing authority; and shall be
executed in behalf of the subdivision by such officer or officers thereof as may be determined in such resolution or
order. The interest to accrue on such refunding bonds shall be represented by coupons to be attached thereto,
which may be executed by the facsimile signature of such officer or officers. All such bonds shall be made to
mature serially, beginning not more than five years and running not longer than thirty years after their date, with
not less than one per cent. of the total issue to mature each year during the first six years, beginning in the fifth
year, after the date of such bonds; not less than three per cent. of the said total issue to mature annually during
the next succeeding ten-year period of the life of such bonds; and not less than five per cent. of said total issue to
mature annually during the next succeeding ten-year period of the life of the bonds.
SOURCES: Codes, 1942, Sec. 4361; Laws, 1934, ch. 143; 1936, ch. 279; 1938, Ex. ch. 74.