A. The bonds authorized by this article 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 the earlier of twenty years from their respective dates or the date the transportation excise taxes securing the bonds cease, 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 denomination, be in the form, either coupon or registered, be executed in the manner and be payable as to principal, interest or premium in the medium of payment at the office of the state treasurer of this state or at such other place or places as the board provides either by automatic deposit, wire transfer or mail, as the resolution or resolutions may provide.

5. 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 may provide.

B. The bonds may be sold at either public or private sale, above, at or below par and on terms the board determines. Bonds to fund or refund other bonds may be exchanged with the holders of bonds being funded or refunded on terms the board determines.