(1) For the purpose of paying the cost of public infrastructure improvements and other corporate purposes as provided for in the Community Improvement District Act, the board of trustees or the administrator shall have the power to issue negotiable bonds of any such community improvement district, to be called community improvement district bonds, payable in not to exceed thirty years, and payable from the maximum levy approved in the articles of association of the community improvement district and other available funds. Each issue of bonds shall mature or be subject to mandatory redemption so that the first principal repayment is made not more than five years after the date of issuance and so that at least twenty percent of the community improvement district's bonds then outstanding shall be repaid within ten years after the date of issuance. Such bonds shall bear interest payable annually or semiannually. Such bonds may either be sold by the community improvement district or delivered to the contractor in payment for the work but in either case for not less than their par value. For the purpose of making partial payments as the work progresses, warrants may be issued by the board of trustees or the administrator upon certificates of the engineer in charge showing the amount of work completed and materials necessarily purchased and delivered for the orderly and proper continuation of the project, in a sum not to exceed ninety-five percent of the cost thereof.

(2)(a) Warrants issued for capital outlays of the community improvement district shall become due and payable not later than five years from the date of issuance.

(b) A default on the bonds or warrants of a community improvement district shall not constitute a debt or obligation of the city or village where such community improvement district is located, the county, or the state.

(3) Warrants issued for operation and maintenance expenses of the community improvement district shall be issued not later than sixty days following the date upon which the community improvement district is in receipt of a bill for the amount of operation or maintenance expenses owed, and such warrants shall become due and payable not later than three years from the date of issuance. If a warrant for operation or maintenance expenses is not issued within such sixty-day period, the amount owed by the community improvement district shall bear interest from the sixty-first day until the date upon which the warrant is issued at a rate equivalent to one and one-half times the rate specified in subsection (2) of section 45-104.02. The community improvement district shall agree to pay annual or semiannual interest on all capital outlay warrants issued by the community improvement district and shall issue warrants to pay such interest or shall issue its warrants in return for cash to pay such interest. Warrant interest not paid when due for lack of funds shall be registered, bear interest, and be paid the same as is provided in section 10-209 for bond coupons.

(4) The community improvement district may, if determined appropriate by the board of trustees or the administrator, pay fees to attorneys, municipal advisors, underwriters, and other professionals in connection with the placement and registration of ownership of warrants issued by the community improvement district.

(5) The board of trustees or the administrator may levy special assessments on all lots, parcels, or pieces of real estate benefited by the improvement to the extent of the benefits to such property. The special assessments when collected shall be set aside and constitute a sinking fund for the payment of the interest and principal of such bonds, warrants, and other obligations of the community improvement district.

(6) In addition to the special assessments provided for in this section, there shall be levied annually a tax upon the taxable value of all the taxable property in such community improvement district which, together with such sinking fund derived from special assessments, shall be sufficient to meet payments of interest and principal on all bonds as such become due, subject to the overall limit on the tax levy rate of such community improvement district established upon formation of such community improvement district. Such tax levy shall be known as the community improvement district bond tax levy and shall be paid annually.

(7)(a) The board of trustees of any community improvement district may provide for the publication of any resolution or other proceeding adopted by it pursuant to the Community Improvement District Act in a newspaper of general circulation published in the city or village where the community improvement district is located. In the case of a resolution or other proceeding providing for the issuance of bonds, warrants, or other obligations, pursuant to the Community Improvement District Act, the board of trustees or clerk of such community improvement district may, either before or after the adoption of such resolution or resolutions or other proceeding, in lieu of publishing the entire resolution or resolutions or other proceeding, publish a notice of intention to issue bonds, warrants, or other obligations under the Community Improvement District Act, titled to indicate such intention, containing:

(i) The name of the community improvement district;

(ii) The estimated principal amount of bonds, warrants, or other obligations proposed to be issued and the timeframe when such issuance or issuances are expected to occur;

(iii) The proposed or estimated principal maturity schedule or term for such bonds, warrants, or other obligations;

(iv) The maximum rate of interest payable on any maturity of such bonds, warrants, or other obligations; and

(v) The times and place where a copy of the form of resolution or other proceeding providing for the issuance of the bonds, warrants, or other obligations may be examined, which shall be located in the city or village where the community improvement district is located or in the office of the county clerk in the county where such community improvement district is located, for a period of at least thirty days after the publication of such notice. In the case of a notice regarding issuance of warrants, the notice may include warrants expected to be approved by multiple future resolutions or other proceedings and the form of resolution or other proceedings may be general forms for such issuance.

(b) For a period of thirty days after such publication, any interested person shall have the right to contest (i) the legality and validity of each and all of the proceedings for the organization of such community improvement district under the Community Improvement District Act, from and including the petition for the organization of the community improvement district, and all other proceedings which may affect the legality or validity of the bonds, warrants, or other obligations and the order of the sale and the sale thereof, (ii) any provisions made for the security and payment of such bonds, warrants, or other obligations, or (iii) any contract of purchase, sale, or lease relating to the issuance of such bonds, warrants, or other obligations. After such time no one shall have any cause of action to contest the regularity, formality, or legality thereof for any cause whatsoever.