RS 1542 - Denominations; form and terms; funds from which payable
The board of commissioners of any drainage district or of any sub-district, when petitioned to issue funding or refunding bonds by the owners of a majority of the acreage of the lands in the district or sub-district, after adopting a resolution to that effect, may issue funding or refunding bonds for the purpose of adjusting, readjusting, funding, refunding, extending, or unifying any or all of the authorized indebtedness bonded or otherwise, of the district or sub-district incurred in draining and reclaiming by means of levees and pumps any or all of the lands in the drainage district or sub-district. The funding or refunding bonds shall be in denominations of one hundred dollars or multiples thereof, shall bear interest, represented by coupons, at a rate not to exceed six per cent per annum, payable annually or semi-annually, shall run for a period not to exceed forty years, and shall mature and be payable annually, beginning not more than ten years after their date, all as may be determined by the board of commissioners. Both principal and interest shall be payable at some convenient banking house or trust company's office to be named in the bonds, which shall be signed by the president of the board of commissioners, attested by the signatures of the secretary of the board and the seal of the district, and shall show on their face the purpose for which issued. The coupons on the bonds may be signed by the facsimile signatures of the officers. The delivery at any time thereafter of any bonds and coupons so executed shall be valid, although before the date of delivery the person signing the bonds or coupons shall have ceased to hold office. The funding or refunding bonds shall be payable out of any funds of the district or sub-district, not otherwise dedicated, and shall be secured by a tax on all of the lands in the drainage district or sub-drainage district, or on the portion of the lands specified in the petition of the property owners.