In order to carry out the purposes for which the district is organized and created, the board of commissioners may borrow money at a rate of interest not exceeding six percent (6%) per annum and issue negotiable notes or bonds therefor, signed by the chairman or vice-chairman and the secretary, when authorized by the commissioners, and may pledge all assessments of benefits for the repayment thereof. No bonds issued under the terms of this article shall run for more than thirty years, and all issues of such bonds must be divided so that a portion thereof will mature each year, as other general obligation bonds are now required to be issued.
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