1. The bonds must be authorized by an order of the Director, and must:
(a) Be in the denominations;
(b) Bear the date or dates;
(c) Mature at the time or times, not exceeding 40 years after their respective dates;
(d) Be in the form;
(e) Be executed in the manner;
(f) Carry the registration privileges;
(g) Be payable at the place or places within or without the State; and
(h) Be subject to the terms of redemption,
Ê which the order authorizing their issue provides.
2. The bonds may be sold in one or more series at par, or below or above par, in the manner and for the price or prices which the Director determines in his or her discretion. As an incidental expense to any investment to be financed by the bonds, the Director may employ financial and legal consultants in regard to the financing.
3. The bonds are fully negotiable under the terms of the Uniform Commercial Code—Investment Securities.