At or before the time of issuing any bonds the board shall estimate:
(a) The total cost of constructing or acquiring or both the works for which the bonds are to be issued.
(b) The period of construction of such works.
(c) The amount of bonds which will be required to pay the total estimated cost and to pay interest on the bonds during the estimated period of construction and for six months thereafter.
No bonds shall be issued if the estimated amount of bonds required to pay the estimated cost and interest exceeds the total amount of bonds authorized to be issued by the district.
(Added by Stats. 1943, Ch. 286.)