No district may become indebted for an amount that may not be payable from ninety percent of twenty times the current annual maximum tax levy as authorized by section 18-10-07. Within the limits herein authorized, the district has power to borrow money and to issue appropriate evidence of indebtedness thereof. No evidence of indebtedness issued under this chapter and sold at private sale may bear interest at a rate or rates and be sold at a price resulting in an average net interest cost higher than twelve percent per annum. There is no interest rate ceiling on those issues sold at public sale or to the state of North Dakota or any of its agencies or instrumentalities. No evidence of indebtedness issued under this chapter may be sold for less than ninety -eight percent of par value plus accrued interest, if any interest has accrued as of the date of delivery thereof. This section does not limit the authority of the district to incur indebtedness and issue bonds in accordance with chapter 21-03.
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