The bonds shall be subject to the following terms and conditions:
(1) The bonds shall be issued in series, as set forth herein, in amounts sufficient to finance all or part of the costs of construction and maintenance of highway improvements described in § 27-64-404 with the respective series to be designated by the year in which issued and, if more than one (1) series is to be issued in a particular year, by alphabetical designation;
(2) The bonds of each series shall have such date or dates as the State Highway Commission shall determine and shall mature or be subject to mandatory sinking fund redemption over a period ending not later than twelve (12) years after the date of issue of each series;
(3) The bonds of each series shall bear interest at the rate or rates determined by the commission at the sale of the bonds. The bonds may bear interest at either a fixed or a variable rate, or may be convertible from one (1) interest rate mode to another, and such interest shall be payable at such times as the commission shall determine;
(4) The bonds shall be issued in the form of bonds registered as to both principal and interest without coupons; may be in such denominations; and may be made exchangeable for bonds of another form or denomination, bearing the same rate of interest; may be made payable at such places within or without the state; may be made subject to redemption prior to maturity in such manner and for such redemption prices; and may contain such other terms and conditions, all as the commission shall determine; and
(5) Each bond shall be executed with the facsimile signatures of the Chair of the State Highway Commission and the secretary of the commission and shall have affixed or imprinted thereon the seal of the commission. Delivery of the bonds so executed shall be valid, notwithstanding any change in the persons holding such offices occurring after the bonds have been executed.