(1) Any district securities designated in section 32-11-501 (3) and otherwise issued under this article, both assessment bonds and assessment debentures, as may be provided by the board in a resolution authorizing their issuance and the maximum net effective interest rate thereof and in any indenture or other proceedings pertaining thereto, may be issued at, above, or below par, at a discount not exceeding seven percent of the principal amount thereof, but they may not be issued at a price such that the net effective interest rate of the issue of securities exceeds the maximum net effective interest rate authorized.
Such bonds and debentures shall bear interest at a rate such that the net effectiveinterest rate of the issue of bonds or debentures does not exceed the maximum net effective interest rate authorized.
No bond interest rate shall at any time exceed the interest rate (or lower or lowestrate if more than one) borne by the unpaid assessments, but any such bond interest rate may be the same as or less than any assessment interest rate, subject to the limitations of this section, as the board may determine.
Source: L. 69: p. 794, § 136. C.R.S. 1963: § 89-21-136. L. 70: p. 302, § 129.