33-1107 PLAN AND FORM OF BONDS -- AMORTIZATION.
EDUCATION
CHAPTER 11
SCHOOL BONDS
33-1107. Plan and form of bonds -- Amortization. School district bonds shall be issued in denominations of one hundred dollars ($100) or multiples thereof, not to exceed one hundred thousand dollars ($100,000), and in form prescribed by the state superintendent of public instruction.
No school district bonds shall be issued except upon an amortization plan, each issue of bonds to be redeemed in full within twenty (20) years from the date of the bonds. The first amortized principal payment shall mature and be payable not more than two (2) years from and after the date of the bonds, and the various annual maturities of any issue of bonds shall as nearly as practicable be in such principal amounts as will, together with accruing interest on all outstanding bonds of such issue, be met and paid by an equal annual tax levy during the term for which such bonds shall be issued. No bond shall mature and be payable as to principal in partial payments.
Each bond shall bear interest from the date of issue, payable semiannually on the first days of such months as shall be determined by the board of trustees, at such interest rate as said board may determine. Each bond of any issue shall be numbered in a consecutive series. Each interest payment on each bond shall be evidenced by an interest coupon thereto attached. Such coupons shall be numbered in a consecutive series; shall be identified with the bond to which attached; shall show the number and name of the issuing school district, and the date and place of payment of such interest.
The foregoing plan and form of bonds and bonding may be departed from whenever in the judgment of the board of trustees such departure will result to the benefit and advantage of the district, and the board of trustees may issue and sell such bonds with such annual maturities as it shall determine either prior to or after the fixing of the interest rates such bonds will bear, and in every such instance it shall be permissible for the board of trustees to issue such bonds in the annual maturities so determined upon and bearing the rate or rates of interest ascertained upon the sale of such bonds, and the plan and form thereof together with the contract, if any, for the issue must be approved by the state superintendent of public instruction.