(a) As the Director of the Department of Parks and Tourism shall determine, bonds issued pursuant to this subchapter may:
(1) Be coupon bonds, payable to bearer, or may be registrable as to principal only or as to principal and interest, and may be made exchangeable for bonds of another denomination;
(2) Be in a form and denomination as the director determines;
(3) Have such date or dates, may be stated to mature at such times, and bear interest payable at such times and at such rate or rates, as the director determines, provided that no bond may bear interest at a rate exceeding eight percent (8%) per annum;
(4) Be made payable at places within or without the State of Arkansas;
(5) Be made subject to terms of redemption in advance of maturity at such prices, as determined by the director;
(6) Be issued in series from time to time; and
(7) Contain such terms and conditions as the director determines.
(b) Subject to provisions as to registration as set forth in subsection (a) of this section, the bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.
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