Sec. 28. (a) When property owners have elected to pay special assessments for a public improvement in installments, the bonds issued in anticipation of the collection of those assessments must bear the date of the final acceptance of the improvement by the municipal works board. The bonds begin to bear interest on this date at a rate determined by the works board.

     (b) Except as provided in subsection (d), the bonds may be issued in any denomination.

     (c) Except as provided in subsection (d), the municipal fiscal officer shall choose the denomination that the municipal fiscal officer finds appropriate for the following:

(1) The circumstances of the particular improvement project.

(2) The efficient administration of the municipal fiscal officer’s office.

     (d) The last bond in a series need not be issued in a denomination of a multiple of one hundred dollars ($100) if the total cost of the particular improvement project for which the series is issued is not an exact multiple of one hundred dollars ($100).

As added by P.L.98-1993, SEC.8.