(A) 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 the date, number, denomination and maturity, which shall not exceed 40 years from the date of said bonds, terms of redemption with or without premium, if redeemable prior to maturity, and the rate or rates of interest. The bonds shall be sold in such manner and at such time as may be determined by the President and Board of Trustees.
(B) A contract for the sale of such bonds may be entered into prior to the adoption of the Bond Ordinance, or the Bond Ordinance may provide for the subsequent sale of the bonds therein authorized. In the event of such subsequent sale and bonds are sold bearing interest at a rate or rates less than the maximum rate authorized in the Bond Ordinance, prior to the delivery of such bonds, the taxes levied in the Bond Ordinance shall be abated by that amount, representing the savings resulting from the sale of said bonds at a lower rate of interest than authorized in the Bond Ordinance.