All bonds issued under the provisions of this part 2 shall bear interest at a rate not exceeding a maximum net effective rate authorized by resolution of the transportation commission on the face value of the issue of bonds and shall be in such form and executed in such manner and shall be payable at such times extending not more than thirty years from the date thereof, shall contain the provisions for prior redemption, and shall be payable at such places as the department of transportation determines. The bonds shall be sold at public or private sale on such terms as the department of transportation may determine. In case any of the officers whose signatures or countersignatures appear on the bonds or the coupons attached thereto cease to be officers before delivery of the bonds, the signatures and countersignatures shall nevertheless be valid and sufficient for all purposes with the same force and effect as if they had remained in office until the delivery. The bonds shall contain on their face the designation of the project as determined by the department of transportation and in anticipation of the revenues of which the same are issued. All bonds issued under the provisions of this part 2 shall have and are declared to have all the qualities and incidents of negotiable instruments under the law of the state.
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