Bonds.

(1) Bonds may be issued on behalf of the agency as provided by the State Bond Act.

(2)(a) The agency may issue bonds pursuant to this part which do not pledge the full faith and credit of the state in such principal amount as, in the opinion of the agency, is necessary to provide sufficient moneys for achieving its corporate purposes.

(b) The bonds of the agency issued pursuant to this part, whether on original issuance or refunding, must be authorized by resolution of the agency after approval of the issuance of the bonds at a public hearing and may be either term or serial bonds; shall bear such date or dates; mature at such time or times; bear interest at such rate or rates; be payable semiannually; be in such denominations; be in such form, either coupon or fully registered; shall carry such registration, exchangeability, and interchangeability privileges; be payable in such medium of payment and at such place or places; be subject to such terms of redemption; and be entitled to such priorities on the revenues, rates, fees, rentals, or other charges or receipts of the agency, including any county gasoline tax funds received by the agency pursuant to the terms of any interlocal or lease-purchase agreement between the agency or a county, as such resolution or any resolution subsequent thereto may provide. The bonds must be executed by such officers as the agency determines under s. 279.06.

(c) Such bonds shall be sold by the agency at public sale by competitive bid. However, if the agency, after receipt of a written recommendation from a financial adviser, determines by official action after public hearing by a two-thirds vote of all voting members of the agency that a negotiated sale of the bonds is in the best interest of the agency, the agency may negotiate for sale of the bonds with the underwriter or underwriters designated by the agency and the counties in which the agency exists. The agency shall provide specific findings in a resolution as to the reasons requiring the negotiated sale, which resolution shall incorporate and have attached thereto the written recommendation of the financial adviser required by this subsection.

(d) Any such resolution or resolutions authorizing any bonds hereunder which do not pledge the full faith and credit of the state may contain provisions that are part of the contract with the holders of the bonds, as the agency determines proper. In addition, the agency may enter into trust indentures or other agreements with its fiscal agent, or with any bank or trust company within or without the state, as security for such bonds, and may, under the agreements, assign and pledge the revenues, rates, fees, rentals, tolls, or other charges or receipts of the agency, including any county gasoline tax funds received by the agency.

(e) Any of the bonds issued pursuant to this part are negotiable instruments and have all the qualities and incidents of negotiable instruments under the law merchant and the negotiable instruments law of the state.

(f) Each project, building, or facility that has been or will be financed by the issuance of bonds or other evidence of indebtedness and that does not pledge the full faith and credit of the state under this part and any refinancing thereof is subject to review and approval by the Legislative Budget Commission.