All bonds issued under this subchapter shall be payable serially, the first payment to be deferred not more than five years after date of issue and subsequent payments to be continued annually in equal or diminishing amounts so that the entire debt will be paid in not more than 25 years from the date of issue or as may be otherwise permitted by law. (Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.)