1. (a) Bonds:

   1. (1) may be issued in any denomination;
   2. (2) may bear interest at any rate, with interest payable on January 1 and July 1;
   3. (3) shall be issued in not less than ten (10) series and not more than fifty (50) series; and

   4. (4) are payable, one (1) series each year, beginning on January 1 of the second year following the date of issue and subject to the following:

      1. (A) If the bond issue is authorized in a year after the regular levymaking period, the first series matures on January 1 of the third succeeding year.
      2. (B) The balance of the issue is payable at annual intervals.
      3. (C) The annual maturities do not have to be in an equal amount.

2. (b) The bonds issued are exempt from taxation by the state.

   [Pre-1995 Recodification Citation: 13-3-3-83.]

As added by P.L.1-1995, SEC.26.