The bond ordinance shall indicate the amount of money necessary to be borrowed, the amount of bonds to be issued in evidence thereof, shall fix the details of such bonds, including their date, number, denomination and maturity, which cannot exceed 40 years from the date of said bonds, and their maximum rate of interest, which shall not exceed seven percent per annum. The bonds shall be sold in such manner as may be determined in the bond ordinance. If the bonds are authorized to bear interest at the maximum rate, they shall be sold at a price of not less than par. If the bonds are authorized to bear interest at a rate less than the maximum interest rate, they may be sold at a price of less than par, but in any event at such a price that the interest cost to the city of the money received by it from the proceeds of the sale of said bonds shall not exceed the maximum interest rate per annum, computed to maturity according to standard tables of bond values.
(Prior code § 7-60)