The new bonds shall be payable as nearly as practicable at the same time as the installments on the old bonds and in equal amounts.
Interest on the new bonds shall be paid at the same time and rate as on the old bonds.
The amount of the new bonds payable in any one year shall equal the amount of the installments on the old bonds payable in that year.
(Enacted by Stats. 1939, Ch. 60.)
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