The city governing body may determine the maturities and tenor of bonds issued under ORS § 225.360. However, the bonds shall be serial in character and in accordance with any provisions of law or charter. The bonds shall:

(1) Be payable in not to exceed 30 years from the date of issuance thereof.

(2) Be sold at a price to net the city not less than the par value thereof with accrued interest.

(3) Bear interest at not to exceed six percent per annum. [Amended by 2005 c.22 § 170]