The bonds of such issue shall be numbered consecutively, commencing with those earliest falling due, and they shall be designated as 11-year bonds, 12-year bonds, and so forth. They shall be negotiable in form, and payable in money of the United States as follows: At the expiration of 11 years from each issue, 5 percent of the whole number of bonds of such issue; at the expiration of 12 years, 6 percent; at the expiration of 13 years, 7 percent; at the expiration of 14 years, 8 percent; at the expiration of 15 years, 9 percent; at the expiration of 16 years, 10 percent; at the expiration of 17 years, 11 percent; at the expiration of 18 years, 13 percent; at the expiration of 19 years, 15 percent; at the expiration of 20 years, 16 percent; but such percentage may be changed sufficiently so that every bond shall be in the amount of $100, or a multiple thereof, and the above provisions shall not be construed to require any single bond to fall due in partial payments.
[Part 16:64:1919; A 1921, 118; 1929, 286; 1933, 271; 1955, 27]
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