The Governor has assured the Legislature that interest rates in the nation’s capital markets are more favorable than the current six per cent (6%) required to be paid on income tax refunds owed, and that such rates vary between three and nine-tenths percent (3.9%) and five and three-quarters percent (5.75%). In the event the Governor elects to issue the Bonds their terms and conditions shall be determined by the Governor upon or prior to their issuance by his execution of a certificate authorizing such issuance. The certificate shall contain such terms and conditions as are consistent with this § 22811. The Bonds shall mature at such times as are not later than sixty (60) months after the date of their issuance, and shall bear interest at a fixed or variable rate, not exceeding a net effective yield of seven percent (7%) per annum.