(a) Any levee district in the State of Arkansas, organized under general or special laws, which has not yet issued and sold all the bonds authorized to be issued by the district or by its board of directors or commissioners, may issue, in its own name or in the name of its board of directors or commissioners, as directed by the laws authorizing their issuance, the remaining bonds authorized in serial form and with such maturities as the board of directors or commissioners may determine to be for the best interests of the district.
(b) The bonds may be made registrable as to principal only at the option of the holder or holders and may be made callable at the option of the board of directors or board of commissioners at any time to be fixed by the board.