(a) The department’s bonds may be issued:
(1) in coupon form payable to bearer;
(2) in fully registered form;
(3) as coupon bonds payable to bearer but registrable as to principal alone or as to both principal and interest; or
(4) in another form, including a registered uncertificated obligation not represented by written instruments, commonly known as a book-entry obligation.
(b) The department shall provide for the registration of ownership and transfer of a book-entry obligation under a system of books and records maintained by a bank serving as trustee, paying agent, or bond registrar.