§ 18-12-123 — Resolution for issuance of bonds

The board, by resolution, shall determine whether coupon bonds
or registered bonds of the district shall be issued and sold to
raise money for any of the purposes for which the district was
formed, if the bonds are authorized, and shall similarly fix and
determine the denomination of each bond, which shall be not less
than one thousand dollars ($1,000.00), and the rate of interest
which shall be paid thereon, payable annually or semiannually as
the board shall by resolution determine, and the resolution
shall also fix the number of years that the whole or a part of
the bonds shall run and the maturity thereof, neither of which
shall exceed twenty-five (25) years from the date of the bond or
the date of any series of the bonds.