All anticipation warrants issued under the provisions of this part 3 shall bear interest at a rate not exceeding a net effective interest rate to be established by the official legislative body of the governmental agency prior to the sale or issuance of such warrants. All warrants shall be executed in such a manner and be payable serially in annual installments beginning not later than two years and extending not more than twenty years from the date thereof and at such place as the governmental agency determines.
Source: L. 55: p. 260, § 5. CRS 53: § 36-20-5. L. 57: p. 315, § 1. C.R.S. 1963: § 36-195. L. 69: p. 233, § 1. L. 70: p. 147, § 1. L. 91: Entire section amended, p. 744, § 9, effective April 4.