Whenever a district proposes to exercise the power to borrow money, or to refund indebtedness, pursuant to this chapter, the board shall adopt a preliminary resolution declaring its intention to authorize the issuance of bonds for such purpose, which resolution shall specify all of the following: (1) The purpose for which the proposed bonds are to be issued. (2) The maximum principal amount of the bonds proposed to be issued in the then current calendar year. (3) The maximum term for which any of said bonds are to run. (4) The maximum rate of interest to be payable upon such bonds. (5) The maximum premium, if any, to be payable on the redemption of any such bonds.
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