Transportation bonds issued by the state transportation commission:
A. shall be payable at such times as the commission may provide;
B. may be subject to prior redemption at the commission's option at such time and upon such terms and conditions, with or without payment of premiums, as may be provided in the resolution of the commission;
C. may mature at any time not exceeding fifty years after the date of issuance;
D. may be serial in form and maturity and may consist of one bond payable at one time or in installments or may be in such other form as may be determined by the commission;
E. shall be sold for cash at, above or below par and at the effective interest rate approved by the state board of finance; and
F. may be sold at a public or private sale.