(1) The council may authorize the issuance of bonds not payable from or additionally secured by taxes by a resolution which shall state in substance: (a) The amount or maximum amount of bonds to be issued; (b) The housing projects for the financing of which such bonds are to be issued; (c) The rate or maximum rate of interest which such bonds are to bear; (d) A brief concise statement, which need not go into any detail other than the mere statement of the fact, showing the source of payment and security for such bonds. (2) Such bonds shall mature at such times, not to exceed sixty years from their respective dates, as the council may provide.
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