The bonds shall:

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1. Be authorized by resolution of the board.

2. Bear such date or dates and mature at such time or times, not exceeding thirty years from their respective dates, as the resolution or resolutions may provide.

3. Bear interest at such rate or rates, including rates that may vary from time to time pursuant to parameters set by the board in the authorizing resolution.

4. Be in the denominations, be in the form, either coupon or registered, be executed in the manner, be payable in the medium of payment at such place and be subject to the terms of redemption, at the option of either the board or the owner of the bond, as the resolution or resolutions provide.

5. Be sold at public or private sale above, at or below par and on the terms the board determines, except that bonds to fund or refund other bonds may be exchanged with the holders of bonds being funded or refunded on terms the board determines.