1905 public laws – Ch.556 Sec.4

That the board of graded school trustees hereinafter provided for shall be and are hereby authorized and empowered to issue bonds of said graded school district to an amount not exceeding ten thousand dollars, of such denomination and of such proportions as said board of trustees may deem advisable, bearing interest from date thereof at a rate not exceeding five per centum, with interest coupons attached, payable annually at such time or times and at such place or places as may be deemed advisable by said board of trustees; such bonds to be of such form and tenor and transferable in such way and the principal thereof payable or redeemable at such time or times, not exceeding thirty years from the date thereof, and at such place or places as said board of trustees may determine.