(a) Except as provided by this subchapter, the board by resolution may provide the terms and name of the bonds.
(b) The bonds must be dated and bear interest at a rate or rates prescribed by the board in accordance with the resolution for the issuance of the bonds, except that the rate may not exceed the maximum net effective rate allowed by law. The resolution may provide for:
(1) any type of rate, including a fixed, variable, floating, or adjustable rate; and
(2) any arrangement for the periodic determination of interest rates, including a formula, index, or contract.
(c) The bonds must mature serially or otherwise not later than the 40th year after the date of their issuance.
(d) The bonds may have a different face value from other bonds issued by the board.