1903 public laws – Ch.382 Sec.10

That said Board of Trustees is hereby authorized to issue coupon bonds not to exceed in amount the sum of ten thqusand dollars ($10,000) and in denominations of $100 or multiples thereof, bearing interest from date of bonds at a rate not to exceed five per cent per annum, payable semi-annually on the first day of January and the first day of Julyof each year, at such place as said trustees may designate until the said bonds are paid; that said bonds are to be made payable at a time and place to be fixed by said trustees and named therein, not to be less than five or more than twenty years from the date of issuing. The said bonds and their coupons shall be numbered, and the bonds shall be signed by the Chairman of said Board, and countersigned by its Secretary, and have the corporate seal of said Board affixed thereto, and the coupons attached thereto shall be signed by the Chairman of said Board. A record shall be kept of said bonds showing the numbers and denominations thereof, and to whom sold, and the dates of issuing thereof, the amount received from the sale of the same, and the date of the payment of the proceeds into the treasury, and such other data in relation to the same as the Board may direct to be kept.