1. (a) Bonds of the authority must be authorized by resolution of the authority, may be issued in one (1) or more series, and must:

   1. (1) bear the date;
   2. (2) mature at the time or times;
   3. (3) be in the denomination;
   4. (4) be in the form;
   5. (5) carry the conversion or registration privileges;
   6. (6) have the rank or priority;
   7. (7) be executed in the manner;
   8. (8) be payable from the sources in the medium of payment at the place inside or outside the state; and

   9. (9) be subject to the terms of redemption;

      as the resolution of the authority or the trust agreement securing the bonds provides.

2. (b) Bonds may be issued under this chapter without obtaining the consent of any agency of the state and without any other proceeding or condition other than the proceedings or conditions specified in this chapter.
3. (c) The rate or rates of interest on the bonds may be fixed or variable. Variable rates shall be determined in the manner and in accordance with the procedures set forth in the resolution authorizing the issuance of the bonds. Bonds bearing a variable rate of interest may be converted to bonds bearing a fixed rate or rates of interest, and bonds bearing a fixed rate or rates of interest may be converted to bonds bearing a variable rate of interest, to the extent and in the manner set forth in the resolution pursuant to which the bonds are issued. The interest on bonds may be payable semiannually or annually or at any other interval or intervals as may be provided in the resolution, or the interest may be compounded and paid at maturity or at any other times as may be specified in the resolution.
4. (d) The bonds may be made subject to mandatory redemption by the authority at the times and under the circumstances set forth in the authorizing resolution.

As added by P.L.13-1990, SEC.1.