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<br />
<br />M4
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<br />1:'11
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<br />METROPOLITAN WATER DISTRICT
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<br />(5) days following the date of such election, the returns thereof shall be can-
<br />vassed and the results thereof declared. In the event that any election held
<br />hereunder shall be consolidated with any primary or general election and the
<br />proposition to incur indebtedness shall be printed upon a ballot containing other
<br />propositions, the returns of the election held hereunder shall be made with the
<br />returns of the primary or general election to the board of supervisors or other
<br />bodies whose duty it shall be to canvass the returns thereof, and the results of
<br />the election held hereunder shall be canvassed at the time and in the manner
<br />provided by law for the canvass of the returns of such primary 01' general
<br />election. It shall be the duty of such canvassing body or bodies to promptly
<br />certify and transmit to the board of directors of the district a statement of the
<br />result of the vote upon the proposition submitted hereunder. Upon receipt of
<br />such certificates, it shall be the duty of the board of directors to tabulate and
<br />declare the results of the election held hereunder.
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<br />(d) In the event that it shall appear from said returns that a majority of the
<br />electors voting on any proposition submitted hereunder at such election voted
<br />in favor of such proposition, the district shall thereupon be authorized to issue
<br />and sell bonds of the district in the amount and for the purpose 01' purposes and
<br />object or objects provided for such proposition in such ordinance, and at a rate
<br />of intel'~st, not exceeding the rate recited in said ordinance.
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<br />(e) All bonds of such district, issued under the provisions of this act, shall
<br />be payable substantially in the following manner: A part to be determined by
<br />the board of directors which shall not be less than one-fiftieth 0/50) part of
<br />the whole amount of such indebtedness, shall be payable each and every year
<br />on a day and date, and at a place or places to be fixed by said board of directors,
<br />together with the interest on all sums unpaid at such date; provided, that, in
<br />case such bonds are issued in installments at different times, each installment
<br />shall be payable substantially in the following manner: A part to be determined
<br />by the board of directors which shall not be less than one-fiftieth (1/50) part of
<br />the whole amount of such installment, shall be payable each and every year on
<br />a day and date, and at a place or places to be fixed by said board of directors,
<br />together with the interest on all sums unpaid at such date; provided, however,
<br />that said board may, in its discretion, determine and fix the date for the earliest
<br />maturity of the principal of the whole amount of such bonded indebtedness, or
<br />of each installment of such bonds, as the case may be, not more than fifteen
<br />years from the date of the first issue of such bonds, or of the respective install-
<br />ment of such bonds, as the case may be; in this event, the whole amount of such
<br />bonded indebtedness, or of the respective installment of such bonds, as the case
<br />may be, must be made payable in substantially equal annual parts in not to
<br />exceed fifty (50) years from the date of the first issue of such bonds, when the
<br />bonds are issued in one block, or from the date of the respective installment
<br />of such bonds, when the bonds are issued in installments. The bonds shall be
<br />issued in such denominations as the board of directors may determine, except
<br />that no bonds shall be of less denomination than one hundred (100) dollars, nor
<br />of a greater denomination than fifty thousand (50,000) dollars, and shall be
<br />payable on the day and at the place oT' places fixed in such bonds and with
<br />interest at the rate specified therein, which rate shall not be in excess of SLX
<br />per cent (6%) per annum, and shall be payable semiannually. Such bonds shall
<br />be signed by the chairman of said board of directors, or by such other officer as
<br />said board of directors shall, by resolution adopted by a majority vote of its
<br />members, authorize and designate for that purpose., and such bonds shall also
<br />be signed by the Controller, or Assistant Controllel', and countersigned by the
<br />secretary of said board of directors. The coupons of said bonds shall be num.
<br />bered consecutively, and signed by said Controller. or Assistant Controller. All
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