Article 91, § 11 — Terms of Bonds

(a) (1) The bonds shall be issued in series as provided for in this section in amounts sufficient to finance all or part of the costs of four-lane highway construction and improvements provided under Section 10 of this amendment. (2) Each series shall be designated by the year in which the series was issued, and if more than one (1) series is issued in a particular year then by alphabetical designation. (b) The bonds of each series shall have the date or dates the commission determines and shall mature, or be subject to mandatory sinking fund redemption, over a period ending not later than ten (10) years after the date of implementation of the temporary sales and use tax. (c) (1) The bonds of each series shall bear interest at the rate or rates determined by the commission at the sale of the bonds. (2) (A) The bonds may bear interest at either a fixed or a variable rate. (B) The interest may be taxable or tax-exempt or may be convertible from one (1) interest rate mode to another. (C) The interest shall be payable at a time determined by the commission. (d) The bonds: (1) Shall be issued in the form of bonds registered as to both principal and interest without coupons; (2) May be in such denominations; (3) May be made exchangeable for bonds of another form or denomination, bearing the same rate of interest; (4) May be made payable at places within or outside the state; (5) May be made subject to redemption prior to maturity in such manner and for such redemption prices; and (6) May contain other terms and conditions established by the commission. (e) (1) Each bond shall be executed with the facsimile signatures of the Governor, the chairman, and the Treasurer of the State, and shall have affixed or imprinted on the bond the seal of the State of Arkansas. (2) Delivery of the executed bonds shall be valid, notwithstanding any change in persons holding the offices occurring after the bonds have been executed.