The board, by an order entered upon its minutes, shall prescribe all of the following:
(a) The form of the bonds.
(b) The time when the bonds become due, not exceeding 40 years from the date thereof.
(c) The rate of interest the bonds shall bear, not exceeding the maximum rate permitted by law.
(Amended by Stats. 1985, Ch. 97, Sec. 5.)
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