46-198. Bonds; record; interest on coupons; special election; procedures.

The secretary shall keep a record of the bonds sold, their number, date of sale, the prices received, and the name of the purchaser. Such district, by a majority vote, may provide and authorize the payment of interest on any or all due and unpaid interest coupons attached to valid and outstanding bonds of such district heretofore or hereafter issued and sold, from the date of registration of such interest coupons for payment or if previously registered, then from the date of such election to pay such interest, until paid. Such question may be submitted at any general or special election of the district by ballot, which shall generally describe the bonds to which such coupons are attached upon which such interest is to be paid, by number, series, and date of issue, and such ballots shall be in substantially the following form: For the payment of interest on coupons attached to bonds numbered ... series ... dated ... at ... percent per annum. Yes .... ( ), No ..... ( ). Such election shall be governed by the laws in force relating to bond elections in such districts, and if a majority of the ballots cast on such proposition shall be in favor thereof the board of directors shall declare the same adopted, and the funds to pay such interest shall be estimated and included in the levy for the bond fund of such irrigation district as provided by law. Thereafter, upon the presentation of any bond with coupons attached, or any detached coupons of such bonds, upon which interest is payable under the provisions of this section, the treasurer shall stamp or write on such coupons "bears interest at ... percent per annum from the registration for payment (or if previously registered for payment, then from date of election to pay interest).

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County Treasurer."

Payment of such coupon shall include the payment of the interest accruing under this section.

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