The bonds shall:
(a) Be payable to the party to whom they issue, or to order.
(b) Be serial bonds.
(c) Bear interest at the rate specified in the resolution of intention to do the work, unless the legislative body determines that a lesser rate of interest is appropriate at the time of advertising for bids, in which case a lesser interest rate may be specified in the bid advertisements.
(d) Have annual principal coupons attached to them, payable in annual order, on the second day of January of every year after the next September 1st following the date of the bond, until all are paid. Each principal coupon shall be for an even annual proportion of the principal of the bond.
(e) Have semiannual interest coupons attached to them.
(Amended by Stats. 1983, Ch. 293, Sec. 7.)