1.__Highway revenue bonds.__The authority may provide by resolution from time to time for the issuance of highway revenue bonds, including notes or other evidences of indebtedness or obligations defined to be bonds under this chapter, not exceeding $200,000,000 in the principal amount at any one time outstanding exclusive of refundings, for any purpose described in section 1995, subsection 1.

2.__Bonds for department projects. In addition to bonds outstanding pursuant to any other provision of this chapter, the authority may provide by resolution from time to time but no later than June 30, 2002 for the issuance of special obligation bonds, including notes or other evidences of indebtedness or obligations defined to be bonds under this chapter, not exceeding $40,000,000 in aggregate principal amount exclusive of refundings, to pay to the department the costs, or a portion of the costs, of department projects.__Department projects paid for with bonds in accordance with this subsection must be determined by the department and the authority to have a sufficient relationship to the public's use of the East-West Highway in accordance with section 1999-A, subsection 6.

3.__Bonds; negotiable; not debt of State. The bonds of the authority do not constitute a debt of the State or of any agency or political subdivision of the State and are payable solely from the operating revenues of the East-West Highway.__Notwithstanding any provision of law, any bonds issued pursuant to this chapter are fully negotiable.__If a member or an officer of the authority whose signature appears on the bonds or coupons ceases to be a member or an officer before the delivery of the bonds, the signature is, nevertheless, valid and sufficient for all purposes as if the member or officer had remained in office until that delivery.

Whether or not the bonds are of such a form and character as to be negotiable instruments under Title 11, Article 8, the bonds are hereby made negotiable instruments within the meaning of and for all the purposes of Title 11, Article 8, subject only to the provisions of the bonds for registration.

It is the intention of this chapter that any pledge made by the authority in respect to the bonds or notes is valid and binding from the time when the pledge is made; that the funds or property so pledged and thereafter received by the authority is immediately subject to the lien of that pledge without any physical delivery of those funds or property or further act; and that the lien of such a pledge is valid and binding as against all parties having claims of any kind in tort or contract or