The State of Arkansas Higher Education General Obligation Bonds shall be subject to the following terms and conditions:
(1) Whether or not the interest is subject to federal taxation, the bonds shall be issued in series, as set forth in this section, in amounts sufficient to finance all or part of project costs or to refund bonds, with the respective series to be designated by the year in which issued and by alphabetical designation if more than one (1) series is to be issued in a particular year;
(2) The bonds of each series shall have such date or dates as the Arkansas Development Finance Authority shall determine and shall mature or be subject to mandatory sinking fund redemption over a period ending not later than thirty (30) 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 authority at the time of 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 the interest shall be payable at such times as the authority shall determine;
(4) As determined by the authority, the bonds:
(A) Shall be issued in the form of bonds registered as to both principal and interest without coupons;
(B) May be in any denominations and made exchangeable for bonds of another form or denomination bearing the same rate of interest;
(C) May be made payable at designated places within or without the State of Arkansas;
(D) May be made subject to redemption prior to maturity in any manner and for any redemption prices; and
(E) May contain other terms and conditions;
(5) Each bond shall be executed with the original or facsimile signatures of the Governor, the Secretary of State, and the Chair of the Arkansas Development Finance Authority and shall have affixed or imprinted on the bond the Great Seal of the State of Arkansas. Delivery of the bonds so executed shall be valid, notwithstanding any change in the persons holding the offices occurring after the bonds have been executed; and
(6) The bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions regarding registration of ownership set forth in this section or in the resolution or trust indenture authorizing the bonds.