All such bonds shall be negotiable in form and bear interest as may be fixed by the governing body not exceeding a maximum net effective interest rate specified by the governing body prior to the use of said bonds in payment for improvements or the sale thereof pursuant to section 31-25-534.
Source: L. 75: Entire title R&RE, p. 1200, § 1, effective July 1. L. 86: Entire section amended, p. 1050, § 12, effective July 1.
Editor's note: (1) This section is similar to former § 31-25-532 as it existed prior to 1975.
(2) This section was originally numbered as § 31-25-534 in House Bill 75-1089 but was renumbered on revision in 1977 for ease of location.