(1) Any obligation may be sold at public or private sale, as determined by the commission, at any price and interest rate deemed to be in the best interest of the investment program.

(2) Each obligation shall be executed on behalf of the investment program by the officer authorized pursuant to rules and regulations that are adopted and promulgated by the commission.

(3) Each such obligation may bear a facsimile seal and signature, which remain valid even if the officer ceases to hold office prior to delivery.