(a) The commissioners court may prescribe the terms and conditions of bonds issued under this chapter and determine the manner of their sale. The commissioners court by order or resolution shall determine:
(1) the aggregate principal amount or amounts of the bonds;
(2) the denominations of the bonds;
(3) the date or dates of maturity;
(4) the rate or rates of interest;
(5) whether the bonds are payable annually or semiannually, and on what dates;
(6) the form of the bonds;
(7) the terms, provisions, and conditions of the bonds;
(8) whether the bonds are coupon or registered bonds, and any registration privileges;
(9) provisions for the call or redemption of the bonds before maturity; and
(10) the place or places, in or outside of this state, at which the bonds are payable.
(b) Bonds issued under this chapter have all the qualifications and incidents of negotiable instruments as provided by the law of this state.
Official text of the Texas Transportation Code as published by the Texas Legislative Council.