(a) Revenue bonds must mature serially or otherwise not more than 40 years after they are issued.
(b) Revenue bonds may:
(1) be sold at a price and under terms that the board considers the most advantageous reasonably obtainable, except that the net effective interest rate computed according to Chapter 1204, Government Code, may not exceed 10 percent a year;
(2) be made callable before maturity at times and prices prescribed in the resolution authorizing the bonds; and
(3) be made registrable as to principal or as to principal and interest.