A. Recreational revenue bonds issued as authorized in Section 5-4-10 NMSA 1978 shall:
(1) bear interest at a net effective interest rate and a coupon rate or rates of not exceeding the maximum rates permitted by the Public Securities Act [ 6-14-1 to 6-14-3 NMSA 1978] and such interest shall be payable annually or semiannually;
(2) be serial in form and maturity or may consist of one bond payable one time or in installments;
(3) be numbered consecutively from one upward; and
(4) be sold for cash at a public or private sale.
B. Recreational revenue bonds may be payable at any time or times not exceeding twenty years from the date of the bonds.