(a) Whenever the issuance of bonds by the state, or any county, city, town, school district or high school district, is lawful, the board or other public body having authority to issue the bonds may divide the issues into series so that: (i) Substantially equal amounts of the indebtedness mature annually; (ii) Substantially equal annual tax levies are required for the payment of principal and interest of the bonds; or (iii) Substantially equal annual tax levies are required for the payment of principal and interest of all outstanding bonds of the state or subdivision thereof issuing the bonds. (b) The bonds of each series shall be due and payable at a definite date within the period permitted by law for the discharge of the indebtedness.
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