Section 63.00. Bond issues of one million dollars or less

a. When sold at
  public sale, bonds of  an  issue  not  exceeding  one  million  dollars,
  whether  of  a  single  issue  or  sold  as  a  single issue pursuant to
  paragraph c of section 57.00 of this chapter, having a maximum  maturity
  of  not  more  than five years measured from the date of the bonds, need
  not be sold in accordance with the requirements of section 58.00 of this
  chapter for publication of the notice of sale but may be sold upon  such
  publication  or circularization of such notice as shall be prescribed by
  the state comptroller in the rule or order referred to in paragraph d of
  section 57.00 of this chapter.
    b. Bonds of an issue not exceeding one million dollars, whether  of  a
  single  issue  or  sold  as  a  single  issue pursuant to paragraph c of
  section 57.00 of this chapter, may  be  sold  at  private  sale  without
  limitation  as  to  rate  of interest, provided, however, that the total
  amount of bonds which may be sold at private sale in any fiscal year  of
  the  municipality,  school  district  or  district corporation shall not
  exceed one million dollars, and provided further that if such bonds have
  a maximum maturity of more than ten years measured from the date of  the
  bonds,  the issuer shall furnish the purchaser a written opinion, signed
  by any  person  regularly  admitted  to  practice  as  an  attorney  and
  counselor  in  the  courts of record of this state, that such bonds have
  been duly authorized and issued in accordance with the constitution  and
  laws  of this state and are valid and legally binding obligations of the
  issuer. Such legal opinion shall be furnished  at  the  expense  of  the
  issuer  and a duplicate original thereof shall be filed with the officer
  of the issuer who is required to keep a record of such bonds pursuant to
  section 163.00 of this chapter.
    c. The bonds of any issue which may be sold pursuant to the provisions
  of this section need not have coupons attached in  accordance  with  the
  requirements  of  paragraph  a  of section 55.00 of this chapter but may
  provide for the payment of interest upon their presentation for notation
  of such payment thereon. Such bonds, if issued without  coupons,  shall,
  nevertheless, be considered and treated as coupon bonds for the purposes
  of sections 71.00, 72.00 and 75.00 of this chapter, except that upon the
  reconversion  of  such a bond which has been converted into a registered
  bond, a new bond may be issued in substantially the same form and  tenor
  as originally issued, or with coupons, as the holder may request.