20 BULLETIN 1177, U. S. DEPARTMENT OF AGRICULTURE. 
Denominations. — Although several of the State statutes contain no 
provisions as to denomination of bonds, most of them fix maximum 
and minimum limitations. The minimum wherever provided is $100 
and the maximum either $500 or $1,000. Three States require the 
amounts to be multiples of $100. 
Denominations are determined in individual cases by the probable 
class of investors. Several districts, for exceptional reasons, have 
adopted 8 or 10 denominations ranging from $100 to $500, but the 
great majority, due to greater convenience and consequent less expense 
of handling, have limited then issues to 3 or 2 or even 1 denomination. 
Large investors prefer the larger denominations as a matter of con- 
venience, while persons with small amounts to invest can be reached 
only with the smaller bonds. In States which permit bonds of $1,000 
denomination to be issued, bonds of this size are frequently combined 
with $100 and $500 bonds. Where $500 is the maximum, it has been 
the general practice to use that figure for most of the bonds issued, 
with often a small percentage of the issue in $100 denominations in 
order to attract the small investor or to comply with statutory 
requirements for retiring certain percentages each year. 
Maturities. — Irrigation district bonds have practically all been of 
the serial type, a certain percentage of the issue maturing each year. 
In some States it is legally possible to have the entire bond issue fall 
due at one time; but, particularly in districts only partially settled, 
the advantage of spreading the principal payments over a series of 
years has resulted in the use of serial maturities in most cases. Some 
statutes provide that certain percentages of the issue shall be made 
to fall due in a certain series of years, but the varying conditions in 
different districts have caused most of the State laws to allow the 
electors or the supervising State officials more or less flexibility in 
fixing dates of maturity. Entirely different conditions obtain, for 
example, in a comparatively new and only partly settled district, 
which usually has the added burden of a considerable discount added 
to its capitalization, from those found in a community sufficiently 
developed to command a ready market for its bonds and capable of 
discharging its indebtedness within a short term of years. The one 
district is benefited in having its principal payments deferred until 
the income from the land becomes sufficient to take care of them, 
while the other reaps the advantages of having to pay less for its 
loan and of eliminating the unhealthy effect of postponing payments 
unnecessarily. 
Many of the States do not allow irrigation district bonds to run for 
more than 20 years, although several allow 30 or 40 years. 
The statutes are not uniform in their use of the words " issue" and 
" series" in connection with bonds. Some define an issue as the 
whole amount of bonds authorized at any election and a series as 
the part of an issue maturing in any year, while others call a series 
the amount authorized at an election and an issue the portion of a 
series sold at any time. In most States, however, " series" is used 
in connection with maturities, and " issue," whether specifically 
defined in the statute or not, commonly refers to a single bond 
authorization. 
Disposal of bonds. — Bonds may usually not be sold without a 
prior advertisement for bids, although in several States the advertis- 
ing may be dispensed with if par can be secured for the bonds at 
