(a) The bonds shall be issued in series as set forth in this section, in amounts sufficient to finance all or any part of project costs with the respective series to be designated in alphabetical order or by the year in which issued.
(b) The bonds of each series shall:
(1)
(A) Have such date as the Arkansas Natural Resources Commission shall determine and shall mature annually, or be subject to mandatory sinking fund redemption, over a period ending not later than thirty (30) years after the date of the bonds of each series so as to provide annual debt service of approximately equal amounts insofar as practicable throughout the term of the bonds, as determined by the commission.
(B) Pending the issuance of bonds under this subchapter, the commission may issue temporary notes, maturing not more than five (5) years from the date of issuance, to be exchanged for or paid from the proceeds of bonds at such time as the bonds may be issued;
(2)
(A) Bear interest at the rate or rates accepted by the commission at the public sale of the bonds.
(B) Interest shall be payable at such times as the commission shall determine; and
(3) Have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions regarding registration of ownership set forth in § 15-22-709.
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