1. Such bonds shall be issued in denominations of one hundred dollars or some multiple thereof; shall be payable to bearer, not later than twenty years from their date; shall bear interest from their date at a rate not exceeding six percent per annum, payable annually or semiannually; such interest payments to be evidenced by annexed coupons, and said bonds shall not be sold for less than ninety-five percent of the face value thereof and together with existing indebtedness of the said district, if any, shall not exceed in the aggregate five percent of the value of all of the taxable property in the district to be ascertained by the assessment next before the last assessment for state and county purposes previous to the incurring of such indebtedness.

2. Such bonds shall be signed by the president of the board of trustees and attested by the signature of the secretary of the board of trustees with the seal of the district affixed thereto. The interest coupons may be executed by affixing thereon the facsimile signature of the secretary of said district. Said bonds may be sold under the same conditions as are provided for the sale of county road bonds.

3. All bonds issued under sections 249.010 to 249.420 shall be registered in the office of the state auditor as provided by law for the registration of bonds of cities and in the office of the secretary of the board of trustees of the district in a book kept for that purpose for registry, shall show the number, date, amount, date of sale, name of the purchaser and the amount for which the bond was sold. The moneys of the district shall be deposited by the treasurer of the district in such bank or banks as shall be designated by order of the board of trustees and the secretary of the district shall charge the treasurer therewith and the said moneys shall be drawn from the said treasury upon warrant issued by the district for the purposes for which the bonds were issued.