1903 private laws – Ch.68 Sec.2

That the board of graded school trustees hevethariee provided for shall be and are hereby authorized and empowered to issue bonds of said graded school district to an amount not exceeding fifteen hundred dollars, of such denominations and of such proportion as said board of trustees may deem advisable, bearing interest from the date thereof at a rate not exceeding six per centum per annum, with interest coupons attached, payable yearly, at such time or times and at such place or places as may be deemed advisable by said board of trustees; said bonds to be in such form and tenor, and transferable in such way and the principal thereof payable or redeemable at such time or times, not exceeding twenty-five years from the date thereof, and at such place or places as said board of trustees may determine: Provided, that said board of trustees shall issue such bonds at such time or times and in such amount or amounts as may be required to meet the expenditure hereinafter provided for in section three of this act.