Said bonds shall be signed by the town treasurer and countersigned by the president of the town council and shall be issued and sold at not less than par at such times, in such manner and in such amounts as the town council may determine. They shall bear interest at a rate not exceeding six (6) per cent per annum. Coupons shall bear the facsimile signature of the town treasurer. The premiums, if any, arising from the sale of said bonds shall be applied to the cost of preparing, issuing and marketing them, and any balance of such premiums shall be applied to the payment of the principal of said bonds in the order of their maturity. The proceeds arising from the sale of the bonds shall be delivered to the town treasurer, and such proceeds, except as hereinbefore provided in respect to the premiums arising from the sale thereof, shall be expended for the purposes of this chapter [this article] (other than maintenance, operation and repair) or in payment of the principal of or interest on temporary notes issued under section 5 of this chapter [this article] or to replenish general funds as provided in section 8 of this chapter [this article]. No purchaser of any bonds or notes issued under this chapter, however, shall be in any way responsible for the proper application of the proceeds derived from the sale thereof. (P.L. 1958, ch. 138, § 1.)