1. If the proposed plan for the funding or refunding of bonds, notes or certificates of indebtedness is approved by the Department of Taxation, the board of directors of the irrigation district shall submit the question concerning authorization of the plan for the funding or refunding of bonds to the electors of the district at a special election or the next district election or primary or general state election. 2. The result of the election must be determined and declared substantially in the same manner as provided by this chapter for the issuance of other bonds of improvement districts in irrigation districts, except that a majority vote only is required for the authorization of those funding or refunding bonds. 3. The maturity of the funding or refunding bonds must be fixed by the board of directors of the irrigation district, subject to the approval of the Department of Taxation, but in no case may the maturity of any of the bonds be more than 40 years from the date thereof. The rate of interest on those bonds 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, payable semiannually.
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