For the purpose of defraying the cost of establishing, erecting, and acquiring any recreational project and necessary appurtenances, any city may borrow money and issue bonds. The bonds may be issued bearing interest at a rate or rates or method of determining rates, payable at least annually, and shall be executed in a manner and be payable at times, not exceeding thirty (30) years from the date of issuance, and at a place as the legislative body determines.
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