For the purposes of carrying out the projects and responsibilities outlined herein, the board of commissioners shall have authority to borrow money at a rate of interest not exceeding that allowed in Section 75-17-105, to issue its bonds, notes or other evidences of indebtedness therefor in a principal amount not exceeding the total amount assessed against all the real property in the district under the provisions of this chapter. Such bonds shall be issued only with the approval of the chancery court and upon the same notice to landowners of the district given in the same manner as provided herein in Section 51-7-11, in connection with organization of the district. Such bonds, notes or other evidences of indebtedness shall bear a rate of interest not exceeding that allowed in Section 75-17-105, shall be issued in denominations of not less than Five Hundred Dollars ($500.00), shall be signed by the president of said master water management district and countersigned by the secretary; shall bear the seal of the district; may be made payable either within or without the state, to the persons or person to whom sold, or bearer, or bearer simply, at the discretion of the commissioners; may be validated in the manner provided by law for validation of bonds; may have attached interest coupons bearing the facsimile signatures of the president and secretary of the district; and shall be sold at public sale, subject to approval of the chancery court. If any protest against issuance of such bonds shall be filed, such protest shall be heard and determination made thereon by the chancery court; and appeals may be taken either by the commissioners or the person filing the protest from the judgment or order of the court, in the manner provided herein for other appeals from judgments or orders of the court in connection with said master water management districts.

If it is found to be beneficial to the district, the commissioners may, in their discretion, deliver bonds by groups instead of for the total bond issue, with interest payable from the delivery date instead of the issue date, the delivery being made for an amount of money estimated to be needed to finance the district’s operation for a year.

Notwithstanding the foregoing provisions of this section, bonds referred to hereinabove may be issued pursuant to the supplemental powers and authorizations conferred by the provisions of the Registered Bond Act, being Sections 31-21-1 through 31-21-7.