(a) A public security may be:
(1) issued singly or in a series;
(2) made payable in a specified amount or amounts or installments to:
(A) the bearer;
(B) a registered or named person;
(C) the order of a registered or named person; or
(D) a successor or assign of a registered or named person;
(3) issued to be sold:
(A) at a public or private sale; and
(B) under the terms determined by the governing body of the issuer to be in the issuer's best interests; and
(4) issued with other specified characteristics, on additional specified terms, or in a specified manner.
(b) The governing body of a county or municipality that issues bonds that are to be paid from ad valorem taxes may provide that the bonds are to mature serially over a specified number of years, not to exceed 40.