(a) The bonds of each series issued pursuant to this chapter may be issued as serial bonds payable in annual installments or as term bonds or as a combination thereof, and the principal of the bonds of each such series shall mature or be subject to mandatory redemption according to the schedule as the board of directors shall determine in the resolution authorizing the issuance of such series. (b) The bonds may be made subject to redemption prior to their respective maturities, at the option of the state, on such terms and conditions as shall be provided by the board of directors in the resolution authorizing the issuance of such series. Any or all of such bonds subject to redemption at the option of the state may be called for redemption by the corporation pursuant to a resolution adopted by the board of directors thereof if, pursuant to appropriations made by the Legislature, the monies required for the redemption are at the time held in the State Treasury or if the redemption is to be effected with monies provided by the sale and issuance of refunding bonds issued pursuant to the amendment and as provided for in this chapter. The corporation may specify the terms and conditions under which any of the bonds authorized pursuant to the amendment may be exchanged for like bonds of other denominations as the authority may prescribe.
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