(a)  The general treasurer is hereby authorized and empowered, with the approval of the governor and in accordance with the provisions of this chapter, to issue from time to time bonds in the name and behalf of the state and in such amounts as may be specified in an amount not to exceed five million dollars ($5,000,000) from time to time by the governor to be designated as “Sewage System and Water Supply Failure Fund of 1984.” The bonds shall be in denominations of one thousand dollars ($1,000) each or multiples thereof, and shall be payable in any coin or currency of the United States which at the time of payment shall be legal tender for public or private debts. The bonds shall bear such date or dates, mature at such time or times not exceeding twenty (20) years from their respective date of issue, bear interest payable semiannually at such rate or different varying rates, be payable at such time or times, at such place or places, be subject to such terms of recall or redemption, with or without premium, and be in such form, with or without interest coupons attached, carrying such registration, conversion, reconversion, transfer, debt requirement, acceleration, and other provisions as may be fixed by the general treasurer, with the approval of the governor, upon each issue of the bonds at the time of each issue.

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(b)  Whenever the governor shall approve the issuance of the bonds he or she shall certify approval to the secretary of state; the general treasurer shall countersign the bonds and affix the seal of the state. The approval of the governor shall be endorsed on each bond so approved with a facsimile of his or her signature.