Whenever a district proposes to exercise the power to borrow money, or to refund indebtedness, pursuant to this chapter, the board shall adopt a preliminary resolution declaring its intention to authorize the issuance of bonds for such purpose, which resolution shall specify all of the following:
- (1) The purpose for which the proposed bonds are to be issued.
- (2) The maximum principal amount of the bonds proposed to be issued in the then current calendar year.
- (3) The maximum term for which any of said bonds are to run.
- (4) The maximum rate of interest to be payable upon such bonds.
- (5) The maximum premium, if any, to be payable on the redemption of any such bonds.