1. When a contract has been or may hereafter be made with the United States, bonds of the district may be transferred to or deposited with the United States, if so provided by the contract and authorized as set forth in this chapter, at not less than 95 percent of their par value at the amount or any part thereof to be paid by the district to the United States. 2. The interest on or principal of the bonds, or both, must be raised by assessment and levy as prescribed in this chapter and be regularly paid to the United States and applied as provided in the contract. 3. Bonds transferred to or deposited with the United States may call for the payment of that interest, which must not exceed by more than 5 percent the Index of Revenue Bonds which was most recently published before the bids are received or a negotiated offer is accepted, may be of such denomination, and may call for the repayment of the principal at such times as may be agreed upon between the board and the Secretary of the Interior.
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