Bonds issued to discharge judgments or procure surrender of bonds, notes, and warrants; maturity; interest; redemption.
The bonds issued in pursuance of sections 46-1,115 to 46-1,118 shall mature in not exceeding fifty years, shall bear interest, payable semiannually, and may be subject to redemption before maturity at par and accrued interest at the option of the district on such terms and subject to such limitations as may be provided, and shall be in such denominations and form, with or without interest coupons, and be executed in such manner as may be provided. In case default shall be made in the payment of interest, such interest shall bear interest at the same rate as the principal.
Source:Laws 1925, c. 128, § 6, p. 337; C.S.1929, § 46-183; R.S.1943, § 46-1,119; Laws 1969, c. 51, § 114, p. 343.
Where holders of bonds or coupons present them when due for payment and payment is refused for want of funds, such presentment and demand does not entitle demandants to priority of payment over holders of bonds and coupons who subsequently present same for payment when funds are available. State ex rel. Brown v. Taylor, 125 Neb. 228, 249 N.W. 586 (1933).