§31-20-11. Borrowing of money.
The borrowing of money and the notes, bonds and security
interests evidencing any such borrowing shall be authorized by
resolution approved by the board, shall bear such date or dates
and shall mature at such time or times, in the case of any such
bonds, not exceeding twenty-five years from the date of issue, as
such resolution or resolutions may provide. The notes, bonds and
security interests shall bear interest at such rate or rates, be
in such denominations, be in such form, either coupon or
registered, carry such registration privileges, be executed in
such manner, be payable in such medium of payment and at such
place or places, and be subject to such terms or conditions of
redemption as such resolution or resolutions may provide.