(1) If the board of county commissioners determines to issue refunding bonds, such board shall thereupon adopt a resolution which shall not be subject to the referendum provisions of any statute providing for the issue of said refunding bonds in accordance with the provisions of this part 4. Such resolution shall fix the date of said refunding bonds, shall designate the denomination thereof, the rate of interest, the maturity date, which shall not be more than twenty-five years from the date of said refunding bonds, and the place of payment, within or without the state of Colorado, of both principal and interest, and shall prescribe the form of said refunding bonds.

(2) Such refunding bonds shall be negotiable in form, shall recite the title of the act under which they are issued, shall be executed in the name of the county and signed by the chairman of the board of county commissioners and countersigned by the county treasurer, with the seal of the county affixed thereto and attested by the county clerk and recorder. The interest accruing on such refunding bonds shall be evidenced by semiannual interest coupons thereto attached, bearing the engraved facsimile signature of the county treasurer, and when so executed such coupons shall be the binding obligations of the county, according to their import.

(3) In the adoption of said resolution providing for the issue of such refunding bonds, the board of county commissioners shall make the principal of the debt payable in equal annual installments during the currency of the period, not exceeding twenty-five years, within which the debt is to be discharged; but the date of maturity of the first installment of the debt shall be not more than five years from the date of said refunding bonds.