(1) Whenever all of the conditions required by this law have been met, the Commissioner of Education shall execute a certificate on each revolving loan bond or revolving loan certificate of indebtedness to the effect that the bond or certificate, and the issue of which it is a part, has been approved by the State Board of Education.
(2) Thereafter, each such revolving loan bond or revolving loan certificate of indebtedness shall be a negotiable instrument.