The board of supervisors may, if in their judgment it seems best, issue bonds not to exceed ninety per cent of the total amount of the taxes levied under the provisions of Section 49-19-1610, in denominations of not less than one hundred dollars, bearing interest from date at a rate not to exceed six per cent per annum, payable semiannually, to mature at annual intervals within thirty years commencing after a period of years not later than ten years, to be determined by the board of supervisors, both principal and interest payable at some convenient banking house or trust company's office to be named in the bonds. Such bonds shall be signed by the president of the board of supervisors, attested with the seal of the district and by the signature of the secretary of the board, shall show on their face the purpose for which they are issued and shall be payable out of money derived from the above-mentioned taxes.
HISTORY: 1962 Code Section 18-591; 1952 Code Section 18-591; 1942 Code Section 6196; 1932 Code Section 6196; Civ. C. '22 Section 3250; 1920 (31) 663; 1932 (37) 1253.