The board may issue and sell the bonds of the district at not less than par value, and the proceeds shall be placed in the treasury of the county.
All premiums and accrued interest received shall be paid into the fund to be used for the payment of principal and interest on the bonds and the remainder of the proceeds of the sale shall be paid into the construction fund of the district, and proper records of the transactions shall be placed upon the books of the treasurer.
(Enacted by Stats. 1939, Ch. 60.)
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