Section 7.
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Whenever the commission, after complete investigation of the affairs of the district, shall find that it is for the best interest of the district and of the state of Oregon to enter into an agreement for the payment of interest by the state, and that said district is entitled to the benefits hereof, said commission may enter into an agreement with said district providing for the payment of any or all of the interest falling due on the bonds of the district for a period not greater than the first five years, which agreement shall provide that any and all moneys used in the payment of such interest, together with interest thereon at 5 per cent per annum, shall be evidenced by “interest certificates of indebtedness” of the district properly executed by its duly authorized officers.