(1) As the board of commissioners shall determine, the bonds may: Be coupon bonds, payable to bearer, or may be registrable as to principal only or as to principal and interest, and may be made exchangeable for bonds of another denomination;
(2) Be in such form and denomination;
(3) Have such date or dates;
(4) Be stated to mature at such times;
(5) Bear interest payable at such times and at such rate or rates. However, no bond may bear interest at a rate exceeding the maximum rate allowed by law;
(6) Be payable at such places within or without the State of Arkansas;
(7) Be made subject to such terms of redemption in advance of maturity at such prices; and
(8) Contain such terms and conditions.
(9) The bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration, as set forth in this section.