31-422.

Borrowing money; interest; purposes; term of loan; provisions for payment; record.

The president, secretary and treasurer, when duly authorized by the board of directors, may borrow money, for not to exceed five years, on the note of the district signed by them, negotiable at not less than par and drawing interest, to pay the costs and expenses of organizing the district, and such further amounts, on the same terms, as may be necessary for the purpose of carrying on the objects and purposes of such organization, not exceeding, however, the cost of the drainage improvement as estimated by the engineer. The board of directors shall make suitable provision for the payment of such borrowed money, with interest thereon, within five years from the time of borrowing the same. The treasurer shall at the time of signing any such note and before the issue thereof, make a statement in writing and under oath of the same, giving the date, amount, maturity, rate of interest, payee, and time and place of payment. Such statement shall be filed and recorded in the office of the county clerk.