(2) The bonds shall bear interest at a rate determined by the board of directors, payable semiannually on the first day of January and July of each year. The principal and interest shall be payable at the places designated in the bonds and coupons which may be the office of the county treasurer of the principal county, as defined in ORS 198.705. Except as otherwise provided by ORS 545.565 to 545.621, each of the bonds shall be in a denomination of not less than $100 or more than $1,000; shall be signed by the president and secretary; shall have the seal of the board of directors affixed to the bond; and shall bear on the back the registration certificate of the county treasurer, who shall sign as county treasurer and as ex officio treasurer of the district. Coupons for interest shall be attached to each bond and shall be signed with the engraved facsimile signature of the secretary.
(3) The county treasurer and the secretary of the district shall register the bonds in books kept in their offices for that purpose, and shall note in the books the number, date of issuance and sale, amount of bond, time of payment, rate of interest, number of coupons attached, and any other description proper for future identification of each bond. This section shall not be construed to require that any bond of the district must bear a registration certificate by the secretary.
(4) The total sum of bonds maturing in any one year, together with the interest due, shall not exceed the total of the maximum annual assessment for the retirement of the bonds and the payment of interest. Upon payment of the principal, the board of directors may call for payment and retire before maturity any bond issued in accordance with ORS 545.565 to 545.621. [Formerly 545.260]