If general obligation bonds are issued, they:

1. (1) may be issued in any denomination;
2. (2) are payable at a time not to exceed forty (40) years from issuance;
3. (3) may bear interest at any rate payable semiannually; and

4. (4) shall be sold for not less than par value and accrued interest;

   as provided by ordinance. The bonds shall be sold in accordance with IC 5-1-11 .

   As added by Acts 1982, P.L.74, SEC.1.