A. Subject to this article, the board may:

1. Issue its negotiable bonds in a principal amount that in the opinion of the board is necessary to provide sufficient monies for any highway purpose, to establish reserves to secure the bonds and to provide for the payment of all other expenditures of the board incidental to and necessary and convenient to carry out these purposes.

2. Issue refunding bonds if the board deems refunding expedient.

3. Refund any bonds issued by the board or by its predecessor in interest, the Arizona state highway commission, if these bonds are secured from the same source of revenues as the bonds authorized in this article, by the issuance of new bonds, whether or not the bonds to be refunded have matured.

4. Issue bonds partly to refund bonds then outstanding and partly for any highway purpose consistent with this article or as the legislature may authorize.

5. Provide for the registration as to the principal or both principal and interest of the bonds.

B. Regardless of whether or not the bonds are of such form or character as to be negotiable instruments under the terms of the negotiable instruments law, the bonds are fully negotiable within the meaning of and for all purposes of the negotiable instruments law.