Number of streams

How many HLS streams can one perpetual license accept? Michigan State University public radio currently offers six audio streams to the public. All of these streams are encoded as MP3. We are looking into doing HLS streams, and serving AAC streams for each service in addition to the existing MP3 stream. Can I do this with one perpetual license, or is a license needed for each version of the stream? Do I need to encode/send two separate audio streams per service as 32Kbps AAC+ and 256Kbps AAC+ or does the server transcode down to 32Kbps? Thanks.