A. The refunding bonds shall be made payable in legal currency of the United States in twenty series, as follows:

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1. On January 1, after the expiration of twenty years, five per cent of the whole amount of the bonds issued.

2. On January 1 of each year thereafter, an equal amount of the bonds issued until all have been paid.

B. The bonds shall bear interest at a rate not to exceed six per cent per annum, payable semi-annually on January 1 and July 1 each year. The bonds shall be negotiable in form and shall be of denominations of not less than one hundred nor more than five hundred dollars each. The bonds shall in all respects conform to the form of bonds prescribed in article 7 of this chapter.