A public security may:

1. (1) be issued in any denomination;
2. (2) bear no interest or bear interest at one or more specified rates;
3. (3) be issued with one or more interest coupons or without a coupon;
4. (4) be issued as redeemable before maturity at one or more specified times; and

5. (5) be payable:

   1. (A) at one or more times;
   2. (B) in installments or a specified amount or amounts;
   3. (C) at a specified place or places;
   4. (D) under specified terms; and
   5. (E) in a specified form or manner.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.