Sec. 51.420. FORM OF BONDS. (a) The bonds shall be issued in the name of the district and shall be signed by the president and attested by the secretary, with the seal of the district attached.
(b) The bonds shall be issued in denominations of $100 or multiples of $100 and shall be payable annually or semiannually.
(c) The board shall determine and include in the bonds the time, place, manner, and condition of payment of principal and interest on the bonds, but none of the bonds may be made payable more than 40 years from their date.
(d) The lien for payments due to the United States under a contract that was not accompanied by a deposit of bonds with the United States shall be a preferred lien to that of any issue of bonds or any series of any issue of bonds subsequent to the date of the contract.
Acts 1971, 62nd Leg., p. 339, ch. 58, Sec. 1, eff. Aug. 30, 1971. Subsec. (b) amended by Acts 1971, 62nd Leg., p. 1768, ch. 518, Sec. 4, eff. May 31, 1971.
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